Minnesota credit union membership grew by nearly 16,000 – a growth rate of almost 1% – during the third quarter of 2013, reaching an all-time high of 1.6 million, or close to 30% of the state's population, according to the Minnesota Credit Union Network.
“These results show that we have been successful and that consumers are choosing credit unions more and more as their trusted financial partner,” said Mark D. Cummins, president/CEO of the MnCUN in St. Paul.
Consumer sentiment, along with the advent of November 2011 Bank Transfer Day – a social media campaign which called upon individuals to move their money from big, national banks to locally owned credit unions – provided an opportunity for credit unions to gain recognition as mainstream, full-service financial institutions.
“Minnesota consumers and businesses continue to choose credit unions as their primary financial institution – much as they choose other local, community-focused businesses,” Cummins said. “By making the switch, consumers are demonstrating their trust for credit unions rather than banks and selecting a financial institution that is aligned with their values.”
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