X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va. – Credit unions are continuing to gobble up underserved areas and community charters. While nearly 7.6 million new potential members added through community charter conversions in the month of June is not a record, according to NCUA monthly data, the fact that only 11 conversions were approved makes the figure stand out. In May the number of potential members added totaled nearly 9.5 million, the most in recent history, but that was across 19 conversions approved. Some of the largest community charter conversions included $1.4 billion Mission Federal Credit Union taking on 2.9 million potential members and $111 million Pan Am Horizons Federal Credit Union taking on a field of membership of 2.25 million potential members. Underserved areas also busted through barriers adding more than 5.1 million potential members last month, the most in the last couple years, and likely ever. The largest undeserved areas approved included El Paso Area Teachers Federal Credit Union adding 679,622 to its field of membership and North Jersey Federal Credit Union’s addition of two underserved areas with at total of more than 800,000 residents. Also in June, two state chartered credit unions made the switch to federal charters and two new federal credit unions were chartered. One credit union’s application for a TIP-trade, industry, profession-has been deferred, but NCUA did not have information on the name of the credit union at press time.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.