Warning On New Members
While Bank Transfer Day helped to boost membership to record numbers, the industry could see an exodus of some of its more profitable members in 2013 if credit unions are not capitalizing on those relationships.
Dave Colby, chief economist at CUNA Mutual Group, shared that insight in the March “Credit Union Trends Report.” According to the data, initial estimates showed there were 94.8 million members in January, the latest month tracked. That figure is up 2.2 million since January 2010.
The most current results showed 7,330 credit unions at the end of January with the total institution count down 255 during the past 12 months. A detailed look at NCUA and privately insured credit union data revealed 183 credit unions with assets in excess of $1 billion versus 169 credit unions at the end of 2010. The share of assets for this group is more than 48%, up from 46% in 2010.
On the opposite end of the asset spectrum, 5,005 credit unions or 69% ended 2011 with assets below $50 million. This group held roughly 6.9% of industry assets, which was down from 7.5% at year-end 2010.