Twelve-month membership growth increased during the third quarter, according to Callahan & Associates' FirstLook data.

The 2.8% growth rate reported from September 2011 through September 2012 marks an increase over the 2.3% annual pace posted as of June 2012, and is much higher than the 0.7% growth rate posted in the pre-Bank Transfer Day third quarter of 2011.

“As the 3Q12 numbers are showing, credit unions have momentum as we head into 2013,” said Jay Johnson, executive vice president of Callahan & Associates.

“The cooperative model can play an even larger role in the coming years with its consumer-first approach,” Johnson said in a statement.

The new members produced core deposit growth, with share drafts and regular shares increasing 11.1% and 12.4% annually, respectively. More than half of credit union members — 51.0% — have share drafts. This is a year-over-year increase of 1.8%.

The increase in share draft penetration bodes well for credit unions, Callahan said, as it shows credit unions are building deeper relationships with members gained over the past year.

Instant Insights /

Callahan: 12-Month Membership Growth Increases to 2.8% in 3Q12

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