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Members in Underserved Areas Added in Record Numbers, Size of Community Conversions Growing

ALEXANDRIA, Va. - Credit unions are continuing to gobble up underserved areas and community charters. While nearly 7.6 million new potential members added through community charter conversions in the month of June is not a record, according to NCUA monthly data, the fact that only 11 conversions were approved makes...

By Staff Writer | Updated on July 29, 2003

ALEXANDRIA, Va. – Credit unions are continuing to gobble up underserved areas and community charters. While nearly 7.6 million new potential members added through community charter conversions in the month of June is not a record, according to NCUA monthly data, the fact that only 11 conversions were approved makes the figure stand out. In May the number of potential members added totaled nearly 9.5 million, the most in recent history, but that was across 19 conversions approved. Some of the largest community charter conversions included $1.4 billion Mission Federal Credit Union taking on 2.9 million potential members and $111 million Pan Am Horizons Federal Credit Union taking on a field of membership of 2.25 million potential members. Underserved areas also busted through barriers adding more than 5.1 million potential members last month, the most in the last couple years, and likely ever. The largest undeserved areas approved included El Paso Area Teachers Federal Credit Union adding 679,622 to its field of membership and North Jersey Federal Credit Union’s addition of two underserved areas with at total of more than 800,000 residents. Also in June, two state chartered credit unions made the switch to federal charters and two new federal credit unions were chartered. One credit union’s application for a TIP-trade, industry, profession-has been deferred, but NCUA did not have information on the name of the credit union at press time.

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