MADISON, Wis. — Even as membership gains continued into the spring, more than two dozen billion dollar credit unions that are among those that hold 25% of the industry's assets reported declines in the first quarter.
According to CUNA Mutual Group's latest Credit Union Trends Report, which cites data from CUNA statistics, 3,721 credit unions reported year-to-date drops in membership. These credit unions account for 25% of assets at the end of the first quarter. The group also includes 27 of the 132 billion dollar credit unions, said Dave Colby, chief economist at CUNA Mutual.
"[Year-to-date] results are already above our annual forecast but we believe current data is overstating actual results and that credit unions are not seeing a record surge in new members," Colby said.
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Through April, credit unions have generated a net increase of nearly 1.2 million members, the report noted. That's compared to the YTD increase in 2007, which was revised down to 0.5 million and the full year gain was 1.1 million, Colby noted. Total membership at the end of April was an estimated 90.5 million.
Colby is optimistic that membership gains will continue on a strong path for the rest of the year.
"[Credit unions] will do well to generate a net increase of one million members in 2008," Colby said.
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