Progressive Credit Union is so accustomed to landing at the top of lists, it was no surprise when the $670 million New York-based cooperative ranked No. 1 for largest share balance in 2014 among institutions over $20 million in assets.
"We've had that distinction numerous times," Robert Familant, CEO and treasurer of the 4,000-member Progressive, said. "I know average share balance is a statistic that's often thrown around, but I've never really been a big fan of statistics based on the number of members."
According to data analyzed by Callahan & Associates for CU Times, Progressive's average share balance was $74,291 as of June 30, 2014. Total shares topped the $293 million mark.
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