Number of credit unions decline by 100+

As of June 2020, CUNA estimates 5,354 credit unions were in operation, 15 fewer than May and 180 fewer than June 2019. During the first half of 2020, approximately 106 credit unions ceased to exist because of mergers, purchase and assumptions or liquidation, according to the Trends Report.

“During a typical year, 46% of the total decline in the number of credit unions takes place in the first half of the year, which means that we can estimate the 2020 full year decline in the number of credit unions to be 230, above the 143 reported in 2019,” CUNA Mutual said in its analysis. “However, my official forecast is for a decline of 180 credit unions in 2020. The average asset size of a credit union now stands at $312.4 million, up 11.7% from a year ago, while the median asset size is $37.5 million, up 7.4% over the last year, indicating larger credit unions growing faster than their smaller counterparts.”

 If you are a credit union serving first first-responders and thinking of merging or closing, please reach out to us!

"Your Not Alone With NCOFCU!"

NCOFCU is an exclusive network (have been meeting since 2001) of credit unions primarily serving over 900 thousand firefighters, first responders, and their families.

Our collaborative effort is to assist the volunteers and staff of credit unions serving firefighters and first responders with their operational and educational needs and to promote the importance of first responder credit unions to the credit union community.

NCOFCU’s peer two peer networking relationships bring together,

• credit union staff & volunteers with the same employment backgrounds,
• field of membership, and
• financial & educational needs

Through NCOFCU’s exclusive social network and annual conference, credit unions serving first responders are available to assist fellow credit unions in making operational decisions such as;

• possible first responder network merger solutions
• field of membership expansion
• products and services
• both staff and volunteer succession planning
• Recommended Business Partners

NCOFCU’s nation wide board of directors and membership is made up of credit union executives and volunteers from across the country of all asset and membership sizes. It is this diverse makeup that brings forth our goals and objectives that we hope will assist credit unions, serving first responders, to continue to survive and support their memberships.

Please take this opportunity to visit our website www.NCOFCU.org  (virtual tour) and look at the many member benefits, services, and conference scholarships available to you.
 
We are here for you, Grant Sheehan CEO 305-755-3302 CEO@ncofcu.org

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