Credit union assets topped $1 trillion in March, according to a report Wednesday by Callahan & Associates' Lydia Cole.

First quarter 2012 savings and checking deposits posted double-digit growth, and the number of checking accounts increased 7.9%.

Credit unions didn't just gain deposits in the first quarter, they gained members, too: net new members increased 2.1%, up from fourth quarter 2011's record 1.7%.

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