Data shows significant momentum for Minnesota Credit Unions growth and reputation

Annual measurements show economic strength and membership growth

ST. PAUL, MN (October 27, 2020) — New data from the National Credit Union Association (NCUA) and a statewide survey of Minnesotan consumers show significant momentum for credit union growth and reputation during 2020.

During the second quarter of 2020, and over the past year, Minnesota credit unions grew more than other credit unions across the country. In the annual measurements of key indicators, Minnesota’s member-owned financial cooperatives ranked in the top-ten states in nearly every measurement.

According to independent NCUA data, Minnesota credit unions experienced:

  • 8 percent Median Y/Y Asset Growth
  • 2 percent Median Y/Y Deposit Growth
  • .9 percent Median Y/Y Membership Growth
  • 5 percent Median Y/Y Loan Growth

In addition, credit unions improved the total percentage of deposits in Minnesota from 8.2 percent to 8.5 percent. When Minnesota’s largest banks are removed from the data it shows that credit unions have 20 percent of small institution deposits.

In addition to the NCUA data, a new statewide survey of over 600 Minnesotans shows fifty-four percent of Minnesota credit union members in Minnesota “love” their credit union while only 17 percent of bank customers love their bank. This rating for credit unions continues to trend upwards over the five years MnCUN has measured it, while those who “love” their bank has remained steady.

“Minnesota’s credit unions are committed to their members, in good times and challenging ones,” MnCUN CEO Mark Cummins said. “We are encouraged by the trends and continue our efforts to help consumers understand the advantages of being a credit union member.”

Additional findings from the survey indicate that fifty-two percent of non-credit union members age 18-34 year-olds are likely to consider joining a credit union. This percentage has also increased significantly since 2017, when Minnesota Credit Unions initiated a statewide Consumer Awareness campaign targeting this age group.Minnesota credit unions have invested in consumer awareness over the past four years, including as the first state to launch CUNA’s “Open Your Eyes to a Credit Union” campaign in 2019.

One critical measurement is that Minnesotans are becoming more familiar with credit unions, and sixty-three percent of Minnesotans believe that their money in credit unions is “safer or just as safe as bank”. 1 in 3 consumers polled stated they would consider a credit union when applying for a loan, and 2 in 5 would consider a credit union when planning to open a checking or saving account.

MnCUN had paused the digital Open Your Eyes to a Credit Union® ads in March as did CUNA. The initiative was relaunched late summer, and MnCUN added OTT ads to supplement the online, social media and out of home campaign. To date in 2020, MnCUN has seen significant engagement from consumers in the paid media effort delivering over 22 million impressions to all corners of Minnesota.

“The ongoing investment to boost awareness is paying benefits in growth and knowledge of credit unions across the state,” Cummins said.

Minnesota Credit Unions currently have 1.9 million members and $29 billion in assets.  Nearly 34 percent of all Minnesotans are a member of a credit union.

For a full copy of the data, or a briefing on credit union growth in Minnesota contact Blois Olson at bolson@fluence-media.comor Andrea Molnau at

About Minnesota Credit Union Network

The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth, and vitality of Minnesota credit unions. With over $40 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve 2.2 million members at 405 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit


Julia Miller
Director of Communications
Minnesota Credit Union Network
(612) 380 -1433

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