WASHINGTON–Credit unions added more members–nearly 2.15 million–in the one-year period of June 2011 to June 2012 than they have added in any June-to-June period over the past 13 years, according to an analysis of credit union membership growth conducted by CUNA.
According to the CUNA analysis, about 2.15 million members were added to credit union membership rolls in the year since June 2011. The last time credit unions added anywhere near that many members in the same annual period was June 1999-June 2000, when 2.13 million members were added.
The only time the 2.15 million numbers are surpassed was 24 years ago (1987-88 period), when credit unions added 2.24 million members, according to CUNA estimates.
CUNA President and CEO Bill Cheney pointed out that the 2011-12 growth was particularly distinctive from the previous 10 years, when member growth averaged only 1.2 million members each year–and, especially, compared to the previous period (2010-11), when only 550,000 members were added.
“There can be little doubt that consumers are increasingly choosing credit unions as their best financial partner,” Cheney said. “It’s also ample proof, in our view, that last year’s 'Bank Transfer Day’ struck a chord with many consumers, who ultimately made deliberate decisions about what financial institution was best for them–and they chose credit unions.”
The CUNA analysis indicates there are now more than 95.3 million credit union members nationwide, up from about 93.1 million one year ago.