11 Largest Branch Operations Among Credit Unions, And Why
Conventional industry wisdom says it’s only a matter of time before technology advances run branches out of the banking business for good.
But there’s a contrarian trend occurring among some credit unions that are expanding their branch networks.
No. 2, Navy Federal Credit Union-221 branches
Headquartered in Vienna, Va., Federal Credit Union was organized by just seven members in 1933. Today, Navy Federal operates 221 branches across the U.S. and abroad serving 4 million members and at $49 billion in assets, now is the world’s largest credit union.
No. 3, America First Federal Credit Union-101 Branches
The mission statement of the $5.4 billion America First Federal Credit Union perhaps says it all: To provide personal financial services of a superior quality to the members/owners; our chief concern being their financial well-being.
No. 4, Golden 1 Credit Union-84 Branches
No. 5, Mountain America Credit Union-71 branches
The $3.2 billion Mountain America Credit Union sees its branches evolving from transaction centers to financial knowledge and resource centers.
No. 6, Security Service Federal Credit Union-70 branches
Security Service Federal Credit Union first opened its doors in San Antonio, Texas in 1956 with just eight members and $25 in deposits.
No. 7, Chartway Federal Credit Union-67 branches
Ron Burniske, CEO for Chartway Federal Credit Union, remembers when banking industry experts were recommending that banks start closing their branches because of the huge popularity of online banking.
No. 8, AlaskaUSA Federal Credit Union-64 branches
You’d figure in the expanse of the great states of Alaska and Washington, consumers would warmly welcome the conveniences of Web banking from their own home.
No. 9, Space Coast Credit Union-59 branches
Since Space Coast Credit Union of Melbourne, Fla. was founded in 1951, it has always looked for ways to expand is products and services to members. The credit union opened more than 60 years ago to serve employees working on our nation’s space program at Patrick Air Force Base. Over the years, SCCU steadily grew its membership and branch network.
No. 10 (tie), Desert Schools Federal Credit Union-51 branches
A group of 15 teachers founded Desert Schools Federal Credit Union of Phoenix, Ariz. in 1939. They each deposited $5 and paid a 25-cent membership fee.
No. 10 (tie), Suncoast Schools Federal Credit Union-51 branches
Suncoast Schools Credit Union of Tampa, Fla., has plans to open three new branches this year even though the Sunshine state economy is still working to climb out of the Great Recession.