New York's Teachers FCU to Open Branch in Tampa, Following National Trend

The move also fits a national trend of branches growing in the South and West, while shrinking in the North.

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When Teachers Federal Credit Union announced last week that it was opening its first new branch outside New York, its pick of Tampa, Fla., might have been a surprise to many.

But the choice fits a larger pattern: While credit unions had slightly more branches in June than before COVID-19, the latest NCUA data also showed that branches have been dwindling in the Northeast and Midwest, while expanding in the South and West.

Founded on Long Island in 1952, Teachers now has some of its 427,639 members in each of the 50 states (and with $8.9 billion in assets as of June 30 it is the nation’s 29th largest credit union).

For at least a year, Teachers has been discussing its intent to become a national credit union, but its first tangible step came with its Oct. 7 announcement that it will open a branch in Tampa by year’s end.

President/CEO Brad Calhoun said the move is part of its “journey of bringing smart financial solutions and products to more members across the nation.” NCUA data showed it had 33 branches and other locations as of June 30, unchanged in the past year and all in the New York metro area.

“Opening a branch in Tampa is a natural next step as we continue to grow our national footprint,” he said. “Not only is Tampa one of the fastest growing cities in the country, we already have members who reside in Florida.”

Brad Calhoun

A CU Times analysis of NCUA data showed credit unions had slightly more branches in June than they did before the COVID-19 pandemic, with the gain happening in the past year.

There were 21,650 credit union branches nationwide as of June 30. Credit unions cut a net of 19 branches (-0.1%) from March 2020 to June 2021, then added 62 branches (+0.3%) from June 2021 to June 2022.

Here are the regional changes:

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