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Billion-dollar CU club soaring

WASHINGTON - The total number of credit unions with more than $1 billion in assets has reached an all time high of 48, according to a Callahan & Associates analysis of first quarter data. Crediting the sudden surge in assets at the top to the slowdown in the nation's economy,...

By Staff Writer | Updated on July 03, 2001

WASHINGTON – The total number of credit unions with more than $1 billion in assets has reached an all time high of 48, according to a Callahan & Associates analysis of first quarter data. Crediting the sudden surge in assets at the top to the slowdown in the nation’s economy, Callahan & Associates has found that between March 31, 2000 to March 31, 2001 credit union shares shot up 10.8%. “This surprising total is about three times the expected increase in this top asset category of the movement,” said Callahan’s Business Development Vice President Ray Springsteen. “Generally we have three or possibly four credit unions that are new to this category each year. At a time when the economy is faltering, members turn to their credit unions for savings because they see the value in the credit union movement.” The nine latest credit unions to join the billion-dollar club during that period include: Pennsylvania-based Police and Fire FCU; California-based North Island Financial CU; New York-based Bethpage FCU; Colorado-based Bellco CU; Missouri-based Community America CU; Oregon-based Portland Teachers CU; State Employees CU of Maryland; Oklahoma-based Tinker FCU; and California-based Travis CU.

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