Minnesota credit union membership tops 1.6 million
ST. PAUL, MN (December 5, 2013) — Minnesota credit union membership grew by nearly 16,000 – a growth rate of nearly one per cent – during the third quarter of 2013, reaching an all-time high of 1.6 million, or close to 30 per cent of the state’s population.
The membership growth in Q3 continues a trend that began during the financial crisis, when consumers became more vocal in their dissatisfaction with large banks.
“Minnesota consumers and businesses continue to choose credit unions as their primary financial institution – much as they choose other local, community-focused businesses,” said Mark D. Cummins, Minnesota Credit Union Network President & CEO. “By making the switch, consumers are demonstrating their trust for credit unions rather than banks and selecting a financial institution that is aligned with their values.”
Consumer sentiment, along with the advent of November 2011 Bank Transfer Day – a social media campaign which called upon individuals to move their money from big, national banks to locally-owned credit unions – provided an opportunity for credit unions to gain recognition as mainstream, full-service financial institutions.
“These results show that we have been successful and that consumers are choosing credit unions more and more as their trusted financial partner,” added Cummins. “As the trade association for Minnesota’s credit unions, our strategy focuses on advocating for and creating an environment where credit unions can compete and grow their market share.”
Consumers looking for a credit union can find an online search engine at www.aSmarterChoice.org.
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.