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%.