MADISON, Wis. — It appears that stronger deposit relationships are fueling membership growth these days as credit unions continue to come off the indirect lending wave that brought in new members a few years ago.
According to the June Credit Union Trends Report from CUNA Mutual Group, in the first six months of this year, the nation's credit unions added 153,000 more members than they did in all of 2006. The 259,000 net member gain in June brought the year-over-year gain to 1.7 million and annual growth improved to 1.9% as total membership reached 89.6 million.
"It appears much of the recent growth is from deposit relationships versus the gains from 'indirect loan only' members over the past couple of years," said Dave Colby, chief economist at CUNA Mutual and author of the report. "Despite strong membership gains and relatively low deposit yields, growth in savings-per-member has improved to a healthy 4.0%."
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