Minnesota Credit Unions gain members and show strong second quarter performance
ST. PAUL, MN (October 7, 2021) — More Minnesotans are joining credit unions, according to the National Credit Union Administration’s (NCUA) Quarterly U.S. Map Review. Minnesota credit unions grew 1.2% in median year-over-year member growth — ranking 7th in the nation, while nationwide membership at credit unions declined 0.4%. According to NCUA 5300 report data, credit unions in Minnesota now have 2 million members.
“Minnesota credit unions big and small are seeing increases in membership at a steady rate,” said Mark Cummins President & CEO of the Minnesota Credit Union Network, the state’s trade association for credit unions.
In 2019, MnCUN embarked on a goal to increase the percentage of Minnesotans belonging to a credit union to 50% by 2030. MnCUN analysis of NCUA and 2020 Census data shows that credit union membership increased to 34.5% with a 3.8% growth during the 12 months ending in June 2021.
“Additionally, Minnesota credit unions outperformed national median indicators once again in the second quarter, demonstrating that credit unions are the best financial institution of choice for consumers,” said Cummins.
The NCUA Quarterly U.S. Map Review shows that Minnesota credit unions experienced solid performance along key indicators including:
- Asset and deposit growth: Minnesota credit union assets grew 13.2% with $34 billion in assets, above the media annual growth rate of 10.8 %. Annual deposit growth was 14.7, compared to 12.2% nationally.
- Loan growth and delinquency rate: Minnesota credit unions had one of the lowest delinquency rates in the nation for the second quarter with 20 basis points and loans grew 2.7%.
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 $36 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve 2 million members at 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit mncun.org.
The Minnesota Credit Union Network and TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin. To date, the programs provide over 30,000 members the opportunity to win through prize-linked savings accounts, with over $55 million saved. In total, the programs have awarded over $1 million dollars to members of credit unions throughout the nation.
