In addition to growing the ranks of their membership through strategic mergers, credit unions are seeing strong or steady organic membership growth by focusing on segments of younger and older millennials and Generation Z, investing in new technology and tapping niche markets sparsely populated by competitors.

Even though the Richmond, Va.-based RiverTrace Federal Credit Union manages assets of only $24.9 million, it has invested in partnerships to grow its membership from 1,381 in September 2014 to nearly 3,000 in September 2016. What's more, most of those new members are in the age bracket of 20 to 35.

After seeing its SEG membership shrink, RiverTrace secured a community charter in 2013 to reach a potential membership of about 100,000. That helped the credit union lift its membership from 1,150 at the end of 2013 to 1,545 at the end of 2014.

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