Membership Declines at CUs Under $20 Million
Roughly 60% of credit unions with assets under $20 million reported a drop in membership between the first quarter of 2009 and the first quarter of this year.
That's according to data from CUNA Mutual Group's June Credit Union Trends Report. In total, 3,977 CUs or 51% reported membership declines. NCUA 5300 data showed that 165 CUs with assets above $1 billion as of the first quarter 2010, accounted for 131% of the annual increase, although 32 CUs in the billion dollar asset category reported membership declines.
Still, over the past 12 months, membership increased 1.2 million or 8% above the four-year average. At 92.6 million, membership is up 535,000 through the first four months of 2010. However, the year-to-date gain is 29% below the average over the past four years.
"Our current forecast calls for annual membership growth to average slightly more than 1% over the next three years, with total membership reaching 95 million by the end of 2012," according to CUNA Mutual Chief Economist Dave Colby.