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.