Looking back and looking ahead: 2022 – a year of accomplishments for credit unions
By all accounts, 2022 was a year of accomplishment for both Co-op and the credit union movement.
Credit unions have continued their strong growth in membership, with 5.7 million members added over the year ending in the third quarter of 2022. Total assets grew by $132 billion (6.6%) year over year, and loans outstanding increased by 19.2%, despite a continued gradual decline in the number of federally insured credit unions.
At Co-op, we kicked off 2022 by announcing our rebranding to Co-op Solutions with a new name, corporate tagline, and logo. The move reflects Co-op’s ongoing evolution as a proven innovator of reliable, secure, digital-first payments for the modern member and the leading provider of operationally efficient experiences for credit unions.
This renewed focus has helped spur Co-op to record revenues in 2022, with strong new business sales and a high existing client renewal rate. Co-op clients continued brisk adoption of recent product additions such as Digital Card Issuance and Zelle, as well as Co-op Contact Center, Co-op Shared Branch and Credit/Debit Processing. The company also made new inroads in Eastern Seaboard markets, particularly in Maine, where the Co-op ATM network grew to 150 locations, a 67% increase from the previous year.
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