Credit Unions Added More Branches in Q2

The number of credit union branches continued growing from March to June, but still remain below pre-pandemic levels.

A CU Times analysis of NCUA data released Sept. 7 shows the nation’s 4,780 credit unions ($2.24 trillion in assets, 139 million members) had 21,835 locations as of June 30, having added 53 since March.

There are still 134 fewer branches than in December 2019, before the pandemic. By December 2020, credit unions had shed 449 credit unions. They have since added back a net 181 branches by December 2022, another 31 in the first quarter and 53 in the second quarter.

That compares with continuing declines by banks. FDIC data shows banks closed 643 brick-and-mortar or retail branches during the second quarter, while opening only 262 branches of any type.

Nevertheless, the average number of credit union members served per branch continues to rise. The average credit union branch in June served 6,370 members, up from 6,335 in March and 5,828 in December 2019.

Announcements by credit unions suggest more branches being added in the third quarter.

This includes four credit unions that have opened four branches over the past four weeks from New Hampshire to Atlanta. NCUA data shows they had 40 locations on June 30. Those credit unions are:

VacationLand Federal Credit Union of Sandusky, Ohio ($294.2 million in assets, 20,237 members), which held a grand opening ceremony Sept. 13-15 for its new branch in Norwalk.  NCUA shows it had five locations June 30.

LGE Community Credit Union of Marietta, Ga. ($2 billion in assets, 123,944 members), which held a grand opening Aug. 30 for its new branch in Sandy Springs, its third in north Fulton County. NCUA shows it had 15 locations June 30.

Reliant Credit Union of Sodus, N.Y., on Lake Ontario ($668.1 million in assets, 44,846 members), which held a grand opening Aug. 23 for its new branch in Farmington, N.Y., 35 miles southwest of Sodus.  NCUA shows it had nine locations June 30.

Erie Federal Credit Union of Erie, Pa. ($804.7 million in assets, 74,025 members), which held a grand opening Sept. 6 for its new branch in Fairview, Pa., 12 miles west of Erie. NCUA shows it had 11 locations June 30.

The one-story, 1,500 square foot branch features multiple drive-thru lanes, a drive-up ATM, and private offices for meeting with members.

“We’re looking forward to representing five-star member service in Fairview and West counties,” President/CEO Brian Waugaman said in a video. “Anything we provide back in service, buildings, expansion — that’s all for the membership.”