Member relationships deepen as credit union membership increases
More Americans are turning to credit unions and their member-focused, non-profit financial model.
In 2018, credit union membership increased by 4.9 million people to reach 117.6 million at year-end 2018. That’s an annual growth rate of 4.4% — 27 basis points faster than year-end 2017. Membership growth has steadily accelerated since 2010 as an increasing number of people turn to credit unions for their member-focused, non-profit financial model.
But credit unions aren’t only adding members at a faster pace; they’re deepening those member relationships. The average member relationship — the average value of loans (excluding member business loans) and deposits an individual member holds with the credit union — increased 3.0% annually from $18,312 to $18,853 as of Dec. 31, 2018.
Credit unions reported year-end gains in loan as well as share balances per member. Average loans per member increased 4.3% from $8,101 as of Dec. 31, 2017, to $8,452 one year later. The average share balance per member hit $10,402, a 0.7% annual increase.
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