Credit Unions Gained 45 Branches in Q3

VyStar Credit Union's expansions helped the South exceed its pre-pandemic location count.

Credit unions in the South finally surpassed their pre-pandemic branch count in September with expansions from VyStar Credit Union of Jacksonville, Fla. and others.

NCUA data showed the Census-defined West region recovered from its pandemic plunge a year earlier. The Midwest is still in a slow recovery, while the Northeast has continued to shed branches.

Among all credit unions, the count of branches, headquarters and other facilities as of Sept. 30 was still 135 fewer than in December 2019.

All credit unions had 21,880 branches on Sept. 30, 45 more (+0.2%) than they had in the second quarter. They lost 449 (-2%) from December 2019 to December 2020 and since then have gained 314 (+1.5%).

VyStar Credit Union of Jacksonville, Fla. ($13.4 billion in assets, 915,857 members) actually gained three locations in 2020, and since then has added 12 more, including one from June 30 to Sept. 30.

And VyStar has continued to expand.

VyStar announced Dec. 21 that it has opened a new branch in Suwanee, Ga., its first in Gwinnett County and its second in the Atlanta area.

It plans to open five more branches in Georgia and at least one more in Florida in 2024. Plus it would acquire more branches if members of 121 Financial Credit Union of Jacksonville, Fla. vote Jan. 26 in favor of being acquired by VyStar through a merger.

NCUA data showed 121 Financial ($709.9 million in assets, 50,012 members) had six branches and its headquarters in Jacksonville (Duvall County) and one in Middleburg in Clay County as of Sept. 30.

CU Times’ Peter Strozniak reported Dec. 13 that merger documents show 38% of 121 Financial’s members are also members of VyStar. Those documents show the credit union operates seven branches and its headquarters that are all in Jacksonville. It does not mention the Clay County location.

VyStar had 91 locations as of Sept. 30, including 28 in Duvall County.

Post-merger plans call for 121 Financial’s headquarters and four of its Duvall County branches to “remain open for a period of time.”

Meanwhile, the new Suwanee branch marks VyStar’s fifth branch in Georgia.

“We’re thrilled to be growing in vibrant communities in North Georgia to help stimulate the local economy,” Janean Armstrong, VyStar’s Georgia market president, said.

In 2024, VyStar plans to open additional Georgia branches in Marietta, Smyrna, Norcross, Pooler and Kingsland. The credit union is also expanding its services in Florida with a new branch in Altamonte Springs in Seminole County in January, and has plans more branches 2024.

NCUA showed the South region had 7,889 branches and other locations on Sept. 30, 32 more (+0.4%) than it had in the second quarter. It lost 160 (-2%) from December 2019 to December 2020 and since then has gained 176 (+2.3%).

The region’s largest gains and losses from December 2019 to Sept. 30 were in these states:

The Northeast region had 3,596 branches on Sept. 30, seven less (-0.2%) than it had in the second quarter. It lost 87 (-2.3%) from December 2019 to December 2020 and since then has lost 85 (-2.3%).

The Midwest region had 5,557 branches on Sept. 30, 22 more (+0.4%) than it had in the second quarter. It lost 96 (-1.7%) from December 2019 to December 2020 and since then has gained 71 (+1.3%).

The West region had 4,787 branches on Sept. 30, two less than it had in the second quarter. It lost 106 (-2.2%) from December 2019 to December 2020 and since then has gained 152 (+3.2%).

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