1. North Dakota                      

Unemployment rate: 2.8%

Credit unions: 39       

Total credit union assets: $3.2 billion

State population: 723,393     

State credit union memberships: 212,819      

Credit union market penetration: 29%

Business is booming in northwestern North Dakota and it's being fueled primarily by oil. The Bakken Oil Fields, named for farmer Henry Bakken on whose land the massive reserve was first tapped, spill into areas of Montana, as well as the Canadian provinces of Manitoba and Saskatchewan.

On April 30, the reserve, thought to contain more oil than all of Saudi Arabia, produced its 1 billionth barrel of crude. Economically speaking, life is very good for North Dakota and its credit unions, according to Jeff Olson, EVP of governmental affairs for the Credit Union Association of the Dakotas.

"We've become the number two oil-producing state in the U.S. after Texas," Olson said. "It's a boom economy, and the industry has just exploded."

The primarily agricultural area around Williston (pop. 20,850) is the center of the boom, which is expected to last somewhere between 20 and 30 years based on the estimated oil reserves. Oil jobs are plentiful and well paying – an average worker even without a high school diploma can earn up to $90,000 per year – and Williston's population is expected to more than triple over the next decade, Olson said.

"But there is a boom and bust mentality, a blessing and curse for credit unions even under the best conditions," Olson said. "Membership is growing and vehicle loans are off the charts."

But prosperity has its price for the state's conservative credit union industry, Olson said. Many institutions are facing challenges they never expected to see.

Due to a lack of available housing – and what is available in Williston costs roughly the same as apartments in New York City – oil workers live in "man camps," temporary dormitory type housing located near the drilling fields. In most cases, workers keep their home addresses in other states, meaning they don't qualify for North Dakota credit union membership.

North Dakota landowners do qualify for membership, and they're growing rich off of mineral rights, Olson said. It's not unusual for a member to deposit a royalty check for up to $5 million, causing the credit union concerns because the amount far exceeds insurable share deposit levels and its deposit would significantly unbalance the institution's carefully calculated net ratios.

In addition, service employers like credit unions have to pay employees at above-market rates or risk losing them to the oil industry. Even the local McDonald's starts new workers at $17 per hour.

But a strong lending market, particularly in agricultural lending that has long been the backbone of North Dakota credit unions, and growing member net worth help the state's credit union weather the expansion storm. Clearly, a bright horizon of continued low unemployment will follow.

2. Nebraska                                  

Unemployment rate: 3.6%

Credit unions: 68        

Total credit union assets: $3.8 billion

State population: 1.8 million

State credit union members: 465,000      

Credit union market penetration: 26%

It's no surprise that agriculture drives economic growth in Nebraska. With 93% of the state given over to commercial crop production, it's clear that cattle, corn and soybean production are helping the state's economy grow with great abundance.

Nebraska last year topped $6.9 billion in agricultural exports primarily to Canada, Mexico, Japan and China. The export program stimulated another $9.3 billion in economic activity in the state.

But other elements in the state's economic and political climate provide additional economic boosts, according to Brandon Luetkenhaus, government and political affairs director for the Nebraska Credit Union League & Affiliates.

"We have a lot of small businesses run by conservative people who don't like to spend more money than they make, and that helps," Luetkenhaus said. "We also have a state constitution amendment requiring a balanced budget so we all have a similar mindset."

Luetkenhaus also credits the Nebraska Advantage Act, an economic incentives tool that since its 2008 enactment has attracted more than 28,000 businesses to the state, for stimulating economic growth. Nebraska also is home to five Fortune 500 companies – Berkshire Hathaway Inc., ConAgra Foods, Kiewit Corp., Mutual of Omaha Insurance Co. and Union Pacific Railroad.

Nebraskans, conservative by nature, see credit unions as a safe haven and area drawn to their programs and services, Luetkenhaus said. Credit unions were on hand with member business loans to keep the state's small businesses afloat during the Great Recession, something that has worked to the advantage of both the institutions and their members.

"Nebraskans trust that credit unions will do the right thing for them and have been moving their money there from banks for some time," Luetkenhaus said.

The state's credit unions participate in the Save to Win program, popular in a number of states, that enters credit union members into a lottery each time they deposit $25 in their credit union share accounts. But being popular institutions strong on attracting deposits is not quite enough even in Nebraska's stable economic environment, Luetkenhaus added.

"All credit unions would like to see an increase in lending; not every institution is where it wants to be," Luetkenhaus said. "We also need to better educate young people about the nature and advantages of credit union membership."

Such steps would make a strong credit union movement even stronger, Luetkenhaus added.

3. South Dakota                        

Unemployment rate: 3.6%

Credit unions: 42        

Total credit union assets: $2.6 billion

State population: 833,354

State credit union memberships: 253,888      

Credit union market penetration: 30%

Politically, economically and socially, South Dakota operates much like North Dakota, minus the overabundance of oil. But the state has its own strengths that make it economically and strong, said Jeff Olson, EVP of governmental affairs for the Credit Union Association of the Dakotas, which represents credit unions in both states.

"Agriculture is very strong here," Olson said. "Wind energy development and the building and export of windmills and their parts also have helped the state economically."

In 2013, South Dakota farmers harvested 4.95 million acres of corn, 4.1 million acres of soybeans, 3.6 million acres of hay, 2.8 million acres of wheat, not to mention millions more acres of alfalfa, sunflowers, oats, millet and other crops. Total financial impact averages $21.4 billion annually, according to the state's Department of Agriculture.

South Dakota last year met 26% of the state's energy needs through harnessing wind power. It has also manufactured and exported wind turbine blades to countries as far away as Brazil.

Like its neighbor to the north, South Dakota is fiscally conservative, something that carries over to its state legislature.

"You have a couple of states here that are mandated by law to balance their budgets," Olson said of both North and South Dakota. "The legislatures have tightened their belts a bit and it's working."

South Dakota's credit unions are big on member business loans and cap restrictions to those loans are causing some issues with funds availability to borrowers, Olson said. Membership is growing and there have been a few mergers in recent years, which led to some stronger, more competitive institutions.

"Over the next 12 months we're going to start seeing credit unions working a little more collaboratively, forming CUSOs and cooperating to meet the needs of their markets," Olson said. "More and more credit unions are seeing that collaboration provides some good opportunities. It's fun to watch."

4. Utah                                        

Unemployment rate: 3.6%

Credit unions: 73 

Total credit union assets: $17.5 billion

State population: 2.9 million

State credit union memberships: 2 million      

Credit union market penetration: 69%

A conservative government, stunning natural beauty and highly competitive, technology-savvy credit unions have combined to make Utah one of the strongest financial and credit union states in the U.S. But like everything else when it comes to credit unions, success has to do the members, according to Scott Simpson, president/CEO of the Utah Credit Union Association.

"It's a demographic question," Simpson said. "We have a lot of young people thanks to Utah's higher education options and its 'religiosity,' and that drives a fairly intense economic engine."

Simpson cites Utah's conservative and primarily Republican legislature and its "fierce" protection of the business environment as central to the state's economic strength. Momentum gained thanks to the 2002 Salt Lake City Winter Olympics also helped power the state through the recent recession to its current strong position, he added.

"We have a very conservative veto-proof majority in both chambers of the state legislature," Simpson said. "Utah does have a two-party political system, it's just that they're both within the Republican Party."

Economic success, coupled with the state's natural beauty has done a lot to attract high-tech firms like Adobe to relocate to Utah. The leaders of such firms enjoy outdoor recreation, which the state offers in abundance, Simpson said.

Ironically, Utah's banks have had a hand in contributing to local credit union growth. Successful bank lobbyists in 1999 helped pass legislation that limited the number of credit unions branches, which forced Utah's credit union movement to find new ways to serve members.

"We had to think outside the brick and mortar," Simpson said. "Our credit unions had to move out front on technology and our members were among the first to see free online bill pay, mobile apps and customizable Visa cards. The demographic tilt now makes technology important to the citizenry and our credit unions were the first in delivering that."

The bankers' assault also earned Utah credit unions favor in the eyes of consumers, who have been responding in droves, making Utah the state with the second-greatest level of credit union penetration.

"It took us 75 years to get to the first million members, and only 16 more years to reach 2 million," Simpson said. "There is an inflection point on the growth curve that coincides with the bankers trying to take a whack at us."

The "turbo speed" at which Utah's credit unions have been growing since the recession shows no sign of slowing down, Simpson said.

"There is every reason to be optimistic about the future of our credit unions," Simpson said. "We have a seasoned executive core who have been through the wringer and that's a blessing in a lot of ways."

5. Vermont                                   

Unemployment: 4.1%

Credit unions: 24        

Total credit union asset: $3.5 billion

State population: 626,630

State credit unions memberships: 336,000            

Credit union market penetration: 54% 

As the U.S. state with second smallest population – only Wyoming has fewer people but stretched across a much greater expanse – Vermont is generally protected from the dramatic economic swings affecting other parts of the country.

The resulting economic and social stability is good for the primarily rural state's credit unions and their members. However, Vermont's current status as the state with the fifth lowest unemployment level is a bit of a misnomer, according to Joseph Bergeron, president/CEO of the Vermont Credit Union Association.

"The state's low unemployment rate is not due to stellar economic performance, but rather to its population demographics," Bergeron said. "Vermont is a pretty white state and a pretty old state, and we don't have as much in the way of concentrated minority and younger population groups that tend to run higher in unemployment levels."

That said, Vermont still beats the average of workforce dropouts, defined as those no longer considered unemployed because they have stopped looking for work. At 4.1% unemployment, Vermont is still better than its high of 7.1% during the recent recession, but worse than the 3.7% level from earlier this year.

Yet Vermont's credit union movement survives and thrives thanks to the stability of its economy, Bergeron said. The movement's asset growth rate of 5.1% and membership growth rate of 2.6% both outpace national averages and Vermont credit unions hold about 20% of state's consumer financial assets overall.

"Business has been pretty steady for Vermont's credit unions and they consistently outperform the for-profit alternatives," Bergeron said. "New England Federal Credit Union, our largest credit union, is also Vermont's largest mortgage lender of any type."

The state's credit unions are getting into new areas like indirect lending, initially viewed with some skepticism, and are turning them into successful products for members. They also are retaining the uptick in members that they have been attracting in earnest since the start of the recession in 2008, and growth shows no sign of abating, Bergeron said.

"I think member growth will continue through 2015 and beyond, as long as credit unions are doing a good job and making a minimal amount of marketing and social media efforts," Bergeron said. "People will continue to gravitate to credit unions much to the chagrin of local banks."

Central to those efforts will be credit unions' capability and willingness to address the needs of a growingly diverse population, he added.

"In the old days, single-employer credit unions were more uniform in their products and services and members more cohesive in their needs," Bergeron said. "As credit unions expand, the service demand grows broader and more varied, and many credit unions are exploring more and different programs than they may have been 20 or 30 years ago."

Those credit unions able to grow with the changing demographic will undoubtedly succeed, he said.