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Credit Unions Continue High-Speed Chase for Potential Members

ALEXANDRIA, Va.-According to NCUA's Insurance Report of Activity for the month of October, credit unions continue to push into new frontiers with potential membership. JetStream Federal Credit Union was approved for an expansion of its community charter covering 1.9 million new potential members. The $88.5 million Miami Lakes, Fla. credit...

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ALEXANDRIA, Va.-According to NCUA’s Insurance Report of Activity for the month of October, credit unions continue to push into new frontiers with potential membership. JetStream Federal Credit Union was approved for an expansion of its community charter covering 1.9 million new potential members. The $88.5 million Miami Lakes, Fla. credit union has 12,555 current members. In addition, $31.7 million Pensacola Government Federal Credit Union was granted the largest community charter in October with 295,886 potential members. Adoption of underserved areas also bolstered growth in credit unions’ potential membership. Kern Federal Credit Union in Bakersfield, Calif. added 661,645 potential members with the addition of an underserved area, while Coast-Tel Federal Credit Union in Salinas, Calif. added 414,449 potential members. Coast-Tel has just $15 million in assets. Additionally, in October, $801.7 million Central Florida Educators Federal Credit Union in Orlando adopted 11 underserved areas for a total of 323,841 potential members. The credit union merger trend also continued through October. Twenty-eight credit union mergers were approved, most of which eliminated credit unions below $10 million in assets; eight were under $1 million, 11 were between $1 and $10 million, and nine were over $10 million in assets. The smallest, Protective Industrial Federal Credit Union ($60,231 in assets) in Birmingham, Ala., was merged with Mutual Savings Federal Credit Union ($118 million). Also, CTK Credit Union in Milwaukee, a state charter with 540,000 potential members, was approved for federal insurance. -

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