Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MADISON, Wis. – Last year’s membership gains may be directly impacted if any large credit unions convert to savings banks this year, according to the latest data from CUNA Mutual Group. In its March Credit Union Trends Report, CUNA Mutual noted that the loss of OmniAmerican and Community Credit Unions cost the system roughly 500,000 members in 2005. “The improvements from 2005 results assume no large CUs will convert to savings banks,” said CUNA Mutual Chief Economist Dave Colby. Indeed, as they did last year, credit unions will continue to see new members as a result of more expanded fields of membership. At the end of March, membership climbed to 87.9 million and through the first quarter of 2006, an estimated 900,000 members joined credit unions, according to the report. Colby cautioned that “membership is extremely difficult to estimate” and “short-term trends are not necessarily reliable.” CUNA Mutual is still expecting “weaker” new car sales, which may lead to a slowdown in indirect lending and membership. Meanwhile, there were an estimated 8,935 CUs at the end of March. Colby said 45% of year-to-date approved mergers were in hurricane-impacted regions, but the storms were not the driving force behind these mergers.

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.