$500 Million CUs Report Most Membership Growth
The 389 credit unions with assets in excess of $500 million accounted for 100% of the increase in membership between the second quarters of 2010 and 2011.
That’s according to CUNA Mutual Group’s September Credit Union Trends Report. Membership was up 138,000 in July and 636,000 year to date. Still, annual growth has slowed to 0.3%.
CUNA Mutual Chief Economist Dave Colby said while over the past four years, 94% of all membership expansion occurred in the first half of the year, declines were also reported in the fourth quarter in each of the past three years.
“July was a strong month for membership gains, but expect only fractional increases by year end due to strong seasonality,” Colby said.
Between June 2010 and June 2011, 56% (4,116 CUs) of all CUs reported declines in membership, the report noted citing new NCUA 5300 Call Report data. These CUs held roughly 31% of the industry’s assets.
While 60% of CUs under $50 million in assets reported membership declines, some of the larger cooperatives experienced decreases too, according to the data. Twenty-nine percent of the billion-dollar plus CU segment also reported membership declines.