MADISON, Wis. — Credit unions that rode the indirect lending wave a few years ago are likely seeing membership growth shift from that phase to deposit relationships.
According to the June Credit Union Trends Report from CUNA Mutual Group, in the first six months of this year, the nation's credit unions added 153,000 more members than they did in all of 2006. The 259,000 net member gain in June brought the year-over-year gain to 1.7 million and annual growth improved to 1.9% as total membership reached 89.6 million.
"It appears much of the recent growth is from deposit relationships versus the gains from 'indirect loan only' members over the past couple of years," said Dave Colby, chief economist at CUNA Mutual and author of the report. "Despite strong membership gains and relatively low deposit yields, growth in savings-per-member has improved to a healthy 4.0%."
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Meanwhile, the industry can expect more mergers of credit unions with assets in excess of $100 million going forward, Colby said. CUNA Economics & Statistics showed 8,504 credit unions at the end of June, reflecting a net decline of 158 credit unions for the six-month time period. June saw an estimated net loss of 31 credit unions.
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