Over the last five years, the credit union industry has grown by over 6.5 million members, a five-year compound annual growth rate (CAGR) of 1.4%. Alaska credit unions posted the highest five year growth rate, coming in at 6.3%. Membership rose to 685,000 in 2012 from 504,000 in 2007. New Hampshire and Virginia also posted growth rates over 5.0%.
Eleven states posted negative growth rates from 2007, although most of the declines were minimal. Nevada credit unions reported a -6.6% CAGR, the lowest rate of any state. One of the reasons for Nevada’s large drop in membership is due to out of state mergers. Since 2007, nine credit unions in Nevada were merged, with six of these mergers being with out of state credit unions. When a credit union mergers with a credit union in a different state, the membership number shifts to the state of the continuing credit union. Excluding the credit unions that merged out of state in the calculation, Nevada would have had a -3.3% CAGR.
Roll over a state to see its 5-year compound annual member growth rate.
5-YEAR COMPOUND ANNUAL MEMBER GROWTH RATE BY STATE
DATA AS OF DECEMBER 31, 2012
© Callahan & Associates | www.creditunions.com
Generated by Callahan & Associates' Peer-to-Peer Software.