Credit unions have expanded their branch network, beyond headquarter locations, by 3.9 percent at year-end 2005. In the past three years, credit unions have added over 1,000 locations with the year-end 2005 branch network reaching 10,763 locations. Combined with 8880 headquarters, cus have over 19000
FDIC insured institutions are not adding to their branch network at the same pace as credit unions. The latest FDIC data shows that in 2004, FDIC insured institutions increased their branch networks by just 2.6 percent. Clearly, by volume, banks are adding many more locations per year, as shown below, however credit unions are outpacing bank location growth and reaching out to more members.
With 406 additional locations, credit unions have increased land and building assets by $1.1 billion or 10.9 percent during 2005. Since year-end 2003, land and building assets have continued to strengthen balance sheet assets with steady double-digit growth.
Increasing visibility to members and potential members, by adding branches is important for brand identity as more credit unions serve broader field of membership. Credit unions are also leveraging their member service network through cooperation. There are 1,246 credit unions who multiply their presence through participation in shared branching networks. Credit unions are finding ways to provide more service and convenience to their members through increased branch networks and cooperative initiatives.
For complete information about year-end industry trends, get your copy of the 2006 Credit Union Financial Yearbook.