For the second year in a row, credit unions may wind up opening more branches than they closed, according to financial data firm SNL Financial.
According to data collected by the Charlottesville, Va.-based firm, credit unions closed the six months ending July 30, 2015 having opened 27 more branches than they closed. By comparison, the industry closed 2014 with a net branch increase of 17 for the year, after having closed more branches than it opened in 2013 and 2014, the firm said.
SNL reported credit unions that added the highest number of branches this year, as of July 30, included Navy Federal Credit Union in Vienna, Va. (up by 11 branches); United Federal Credit Union in St. Joseph, Mich. (up by four); Quorum Federal Credit Union in Purchase, N.Y. (up by five); Alaska USA Federal Credit Union in Anchorage, Alaska (up by four); Truliant Federal Credit Union in Winston-Salem, N.C. (up by four); Randolph-Brooks Federal Credit Union in Universal City, Texas (up by three) and Tulsa Federal Credit Union in Tulsa, Okla. (also up by three).
However, United later reported that while it has another two branches under construction and scheduled to open next year, it had only really opened four so far in 2015.
The firm also reported credit unions that closed the highest number of branches this year, as of July 30, included General Electric Employees Federal Credit Union in Milford, Conn. (down by four branches); Mutual Security Credit Union in Shelton, Conn. (also down by four); P&G Mehoopany Employees Federal Credit Union in Tunkhannock, Pa. (also down by four); Energy One Federal Credit Union in Tulsa, Okla. (down by three); Kitsap Credit Union in Bremerton, Wash. (also down by three) and Patelco Credit Union in Pleasanton, Calif. (also down by three).
However, the Interim CEO of P&G Mehoopany Employees, Patrick Holmes, said the $106 million, 17,000 member cooperative had not closed any full service branches this year. Instead, it had ended a branch in the schools program which Holmes said had become "no longer viable."
The five states that have seen the highest number of branch openings so far this year, as of July 30, are Minnesota with eight, Florida with six, Kansas and Michigan with five each, and Iowa with four. The five states with the highest number of branch closings so far this year, as of July 30, are Pennsylvania, which lost 10 branches, along with Ohio, Louisiana, Indiana and Connecticut, all of which saw four closures, according to SNL Financial.
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