Twelve-month membership growth increased during the third quarter, accordingto Callahan & Associates' FirstLook data.
|The 2.8% growth rate reported from September 2011 throughSeptember 2012 marks an increase over the 2.3% annual pace postedas of June 2012, and is much higher than the 0.7% growth rate postedin the pre-Bank Transfer Day third quarter of 2011.
|“As the 3Q12 numbers are showing, credit unions have momentum aswe head into 2013,” said Jay Johnson, executive vice president ofCallahan & Associates.
|“The cooperative model can play an even larger role inthe coming years with its consumer-first approach,” Johnson said ina statement.
|The new members produced core deposit growth, with share draftsand regular shares increasing 11.1% and 12.4% annually,respectively. More than half of credit union members — 51.0% — haveshare drafts. This is a year-over-year increase of 1.8%.
|The increase in share draft penetration bodes well for creditunions, Callahan said, as it shows credit unions are buildingdeeper relationships with members gained over the past year.
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