UW Credit Union Passes $5 Billion Threshold

The Madison, Wis.-based UW Credit Union joined a small but growing group of credit unions this month by surpassing $5 billion in assets.

There were only 59 credit unions with more than $5 billion in assets as of Dec. 31, 2021. Together they comprised $769.9 billion in assets, or 37% of the $2.08 trillion in assets for the entire credit union movement. And they had 44.1 million members or 34% of total credit union membership.

The mark that defined 33.3% of the nation’s credit union assets keeps rising. As of Dec. 31 it was the 46 largest credit unions — those with $5.8 billion or more in assets.

In the 12 months ending Dec. 31, UW Credit Union’s assets grew 14.9% to $4.8 billion, while its members grew 5.9% to 310,221. A UW Credit Union news release Tuesday said it surpassed $5 billion in assets on April 8, and that it now serves nearly 315,000 members.

Paul Kundert, UW Credit Union’s president/CEO, said it took the credit union 76 years to reach $1 billion in assets, but only a year to go from $4 billion to $5 billion.

“It has been a steady journey of balanced choices in the face of tough challenges,” Kundert said. “Reaching $5 billion in assets is an important milestone, not just because it signifies our growth as a top lender but because it underscores our mission of putting people before profit.”

The industry should expect more credit unions to pass $5 billion. NCUA data for the quarter ending March 31 will begin popping up on its website late this month.

Assets grew 2.31% among all credit unions from Nov. 30, 2021 to Feb. 28, 2022. If that growth rate held for Dec. 31 to March 31, four more credit unions surpassed $5 billion by March 31:

• Virginia Credit Union, Richmond, Va. ($4.99 billion in assets, 310,867 members as of Dec. 31).
• GESA Credit Union, Richland, Wash. ($4.98 billion, 270,558 members).
• Spokane Teachers Credit Union, Spokane, Wash. ($4.95 billion, 246,311 members).
• Community First Credit Union, Appleton, Wis. ($4.93 billion, 148,970 members).

That’s not counting UW’s neighbor in Madison: Summit Credit Union. Stephanie Tervort, vice president of communications, said its assets have grown from $4.83 billion at the end of 2021 to $4.92 billion on March 31 and that it expects to pass the $5 billion mark by the end of this month.

By the end of September, Summit said it expects its assets will be about $6 billion after it completes its purchase of Commerce State Bank in the third quarter. The bank based in West Bend, Wis., about 75 miles northeast of Madison, had about $835 million in assets when the deal was announced March 3.

The five credit unions that surpassed $5 billion in assets during 2021 were:

• State Employees Federal Credit Union, Albany, N.Y. ($5.4 billion, 364,743 members).
• Mission Federal Credit Union, San Diego ($5.3 billion, 275,897 members).
• Service Federal Credit Union, Portsmouth, N.H. ($5.2 billion, 335,550 members).
• Wescom Central Credit Union, Pasadena, Calif. ($5.2 billion, 205,636 members).
• Baxter Credit Union, Vernon Hills, Ill. ($5.1 billion, 310,732 members).