WASHINGTON – A recent NAFCU Flash Survey finds that single-common bond credit unions have big branching plans with 60% reporting they will add a new branch within the next 12 months. Only 50% of community credit unions and 43% of multiple-common bond credit unions have additional branches in the works for next year. Overall 30% of credit unions indicated that they increased the number of branches over the past 12 months, while 46% said they have intentions of increasing the number of branches over the next year. The most common reason cited for building new branches was to serve members in a credit union sponsored location. Other credit unions established new branches either to serve a SEG (14%), to remain competitive (11%), or to serve a low-income community (9%). Of those that added branches, 50% purchased them, 42% opted to lease and the remaining credit unions indicated that their sponsor had donated the additional branches. The median number of branches that survey respondents have is seven with only 24% percent maintaining branches in more than one state.

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