Credit Unions Add 34 Branches in Q1

NCUA data revealed credit unions added another 34 branches in the first quarter, and credit unions have announced plans for at least seven more this year.

The NCUA showed that the nation’s 4,808 credit unions on March 31 had 21,782 branches or headquarters. While that was still 233 less than December 2019, it represented a net gain of 126 locations in the past 12 months, including the 34 added since Dec. 31.

All the growth came from the South and West Census regions. The South had a net increase of 22 locations in the first quarter, while the West added 18. The Northeast lost six locations and the Midwest had no net change.

However, four of the seven with recent announcements were from the Northeast region, including Affinity Federal Credit Union of Basking Ridge, N.J. ($4.6 billion in assets, 231,589 members), which held a grand opening ceremony Tuesday for its new branch in Madison, N.J., 10 miles east of Basking Ridge and 29 miles west of Times Square in New York.

Shawn Lubitz, vice president for retail and digital branches, said Affinity was drawn to the area’s culture and community make-up, which includes Drew University and Fairleigh Dickinson University’s Florham campus that educate more than 5,000 students combined.

“Madison boasts a bustling local economy and a dynamic community that includes families, young professionals and college students,” Lubitz said.

According to NCUA data, Affinity had 23 locations March 31, one more than a year earlier.

The seven credit unions with recent branch announcements had 84 locations March 31, having added six over the previous 12 months, including three in the first quarter. Besides Affinity, the other six were:

• AEA Federal Credit Union of Yuma, Ariz. ($374.2 million in assets, 32,726 members), which held a ribbon cutting Thursday for a new branch in San Luis, N.M. The 3,995 square-foot facility is the credit union’s fourth branch in Yuma County. NCUA data showed the credit union had three locations on March 31, unchanged from a year earlier.
• Nusenda Federal Credit Union of Albuquerque, N.M. ($4.1 billion in assets, 256,202 members), which announced Wednesday it will hold a grand opening for its third branch in Santa Fe, N.M., on June 24. According to NCUA data, it had 22 locations on March 31, one more than it had a year earlier.
• First Capital Federal Credit Union of York, Pa. ($311 million in assets, 20,551 members), which announced Wednesday that it has begun construction of its new branch in East Manchester Township, Pa., six miles north of York in southeast Pennsylvania. The new branch is expected to open this fall. NCUA data indicated it had four locations March 31, unchanged from a year earlier.
• Ardent Federal Credit Union of Philadelphia ($846.4 million in assets, 34,806 members), which announced Monday the opening of its new, 2,600-square-foot branch in Havertown, Pa., 11 miles west of Philadelphia. NCUA data showed it had eight locations March 31, having added three in the previous 12 months.
• SAFE Federal Credit Union of Sumter, S.C., 45 miles east of Columbia ($1.7 billion in assets, 136,338 members), which announced June 7 that it has begun construction of its new branch in Irmo, S.C., 12 miles northeast of Columbia. The new 2,800-square-foot branch is expected to open in late 2023. According to NCUA data, it had 20 locations March 31, unchanged from a year earlier.
• Maine State Credit Union of Augusta ($601 million in assets, 33982 members), which opened a new branch May 30 in Rockland, Maine, 43 miles east of Augusta on the Atlantic coast. NCUA data revealed it had four locations March 31, one more than a year earlier.

President/CEO Stephen Wallace said Maine State CU has many members in the Rockland area.

“Many currently travel to Augusta to meet with us in person,” Wallace said. “The Rockland branch will make it even easier for them to bank, and to get help with other financial needs, whether it is a budget, saving for the next project or applying for a loan.”