X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Two years ago when the COVID-19 pandemic began and credit unions nationwide closed their branches to comply with shutdown orders, one of the many questions we asked was, is this the beginning of the end for the brick-and-mortar credit union branch? Will this temporary pivot to digital-only banking make consumers realize there’s no need to visit a physical branch, leading credit unions to shut locations permanently and eliminate onsite service positions?

The answer to those questions has been a clear no.

According to NCUA data, in December 2019, there were 22,015 credit union branches operating in the U.S. Fast-forward to December 2020, and that number had fallen to 21,566. In September 2021, the number crept back up to 21,690, and in December of last year, it stood slightly below that at 21,652. While credit unions have shaved a few hundred branches off the industry’s total count during the pandemic, any big changes to branch numbers reported by individual credit unions seemed to be largely the product of mergers, according to an analysis by our reporter Jim DuPlessis.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Natasha Chilingerian

Natasha Chilingerian has worked in the credit union space for over a decade. She joined CU Times as managing editor in 2015 and was promoted to executive editor in 2019. Before that, she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union) in Los Angeles from 2013-2015, and as a CU Times freelancer from 2011-2013. She has been a professional writer and editor for more than 17 years, specializing in news and lifestyle journalism as well as marketing copywriting for companies in the finance and technology space.

More from this author

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.