MADISON, Wis. — Expanded fields of membership for many credit unions may have helped the industry bring in an estimated 317,000 new members through February.
According to CUNA Mutual Group's April issue of the Credit Union Trends Report, this brought the year-over-year increase to 1.2 million members, or 1.3% annual growth.
"Our preliminary 2007 outlook assumes growth of roughly 1.0% as CUs tap expanded fields of membership, but runoff of indirect loan-only members and weak new indirect volume will dampen gains," said Dave Colby, chief economist at CUNA Mutual and author of the report.
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Meanwhile, there were roughly 8,620 CUs at the end of February reflecting a net loss of 14 CUs for that month, 42 year-to-date and 342 CUs over the past 12 months. During 2006, the number of CUs with assets of $20 million or less fell by 284. According to the report, this small CU asset class accounts for roughly 60% of all CUs, but holds just 4.4% of all assets and 8.6% of members.
"Environmental factors contributing to the 2006 decline will likely intensify going forward," Colby said, adding "expect further steep reductions in the number of smaller institutions."
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