Credit union membership soared during the first two months of2016, with 820,000 new members joining compared to 420,000 duringthe first two months of 2015, CUNA Mutual Group said in its monthly trends report.

During the past year, memberships grew 4.2%. CUNA Mutualprojected that membership should grow more than 3% this year.

The membership growth can be attributed to the 413,000 jobs thatwere created in January and February, as well as growth in creditunion auto lending.

At the end of February, there were 6,187 credit unions inoperation, 11 fewer than in January. Year over year, the number ofcredit unions decreased by 273 – less than the 286 lost in the 12months ending in February 2015. There were 15 credit union mergersin February, up from seven mergers in February 2015.

CUNA Mutual said the pace of credit union consolidation isspeeding up because of retiring baby boomer CEOs, increasedregulatory and compliance burdens, low net interest margins,increased concerns over scale and operating efficiency, risingcompetitive pressure and members' demand for more products.

Credit union assets increased 1.6% in February; that is belowthe 1.9% increase in February of last year. Assets rose 6.1% duringthe past year.

Credit union loan balances increased 0.3% in February – the sameamount of growth experienced in February 2015. Loan balancesincreased 10.4% during the last 12 months. Auto loan balances rose0.9% in February even though that month is usually the weakestmonth of the year for new auto loans.

Credit union fixed-rate mortgage balances increased 0.3%, higherthan the -1.3% drop in February 2015.

Credit union savings balances increased 2.1% in February,slightly higher than the 2% gain during the same month lastyear.