There were 5,909 credit unions in the United States at year-end 2016. That’s 238 fewer than this time last year. With the number of credit unions dwindling, the merger process has received media as well as regulator attention.
Over the past 16 years, there have been between 210 and 331 mergers every year. In 2016, there were 215 mergers, which falls into the low end of that scale. When considering what percentage of the industry these mergers represent, this year’s 3.5% is in line with the 2.2% – 4.1% range typical for 2000 to the present.
As the credit union movement grows, so, too, does the average asset size of every credit union. In 2000, the average credit union had $43.8 million in assets. That was $221.6 million by year-end 2016. Likewise, the average size for merged credit unionshas grown from $4.3 million in 2000 to $22.0 million today. However, smaller credit unions continue to play an important role in the credit union industry and many are successfully operating with plans to remain independent for the foreseeable future.
NUMBER OF CREDIT UNIONS AND BANKS
NUMBER AND RATE OF MERGERS COMPLETED BY QUARTER
TOTAL NUMBER OF MERGERS BY QUARTER
AVERAGE ASSET SIZE OF MERGED CREDIT UNIONS
CREDIT UNION MERGERS
FOR U.S. MERGED CREDIT UNIONS > $20 MILLION IN ASSETS | DATA FOR 01.01.16 – 12.31.16
Callahan & Associates | www.creditunions.com
| Month | Merged Credit Union | State | Merged Assets | Continuing Credit Union | State | Continuing Assets |
|---|---|---|---|---|---|---|
| Jan. 2016 | Village Community | MI | $20,280,365 | Parkside | MI | $88,528,132 |
| University of Wisconsin-Oshkosh | WI | $24,203,177 | Prospera | WI | $188,508,013 | |
| S.T.A.R. Community | CA | $41,681,741 | Members 1st | CA | $121,026,585 | |
| Focal Point | NY | $45,682,136 | Empower | NY | $1,381,536,404 | |
| CSC Employees | VA | $76,581,566 | Lafayette | MD | $419,060,165 | |
| Defense Contracts South | TX | $43,202,902 | America’s | TX | $197,411,345 | |
| Montgomery County | OH | $26,502,980 | Bridge | OH | $52,953,649 | |
| Chestnut Run | DE | $70,179,532 | Louviers | DE | $214,252,890 | |
| Feb. 2016 | ILWU – FSC | CA | $25,814,812 | I.L.W.U. | CA | $186,397,193 |
| Fort Gordon And Community | GA | $65,906,455 | Pentagon | VA | $19,460,442,369 | |
| Bridgeway | NY | $79,252,016 | Mid-Hudson Valley | NY | $919,961,867 | |
| Focus | FL | $133,729,506 | Envision | FL | $307,575,211 | |
| Pegasus Community | TX | $201,205,996 | Neighborhood | TX | $392,764,414 | |
| The Queen’s | HI | $54,495,194 | Hawaii Central | HI | $206,786,080 | |
| Mar. 2016 | FM Financial | MI | $32,259,653 | Team One | MI | $451,766,902 |
| First Financial | MO | $69,453,493 | River Region | MO | $183,034,927 | |
| Clarkston Brandon Community | MI | $68,524,196 | Michigan State University | MI | $3,034,515,372 | |
| Reach | CA | $102,741,689 | Xceed Financial | CA | $947,691,837 | |
| Montauk | NY | $162,086,954 | Bethpage | NY | $6,247,752,315 | |
| Apr. 2016 | Great River Community | IL | $21,390,746 | United Community | IL | $65,652,904 |
| Metropolitan Service | PA | $21,709,768 | American Heritage | PA | $1,690,433,842 | |
| Altoona Regional Health System | PA | $29,177,658 | Healthcare First | PA | $59,350,109 | |
| Southern Select Community | NC | $34,843,516 | Carolina Postal | NC | $85,624,314 | |
| White House | VA | $55,493,370 | Department of Commerce | DC | $408,599,970 | |
| MEA | GA | $64,288,746 | Kinetic | GA | $311,744,538 | |
| Metro Shores | MI | $64,692,137 | Public Service | MI | $163,191,693 | |
| Community Financial | CO | $239,835,723 | Blue | WY | $602,975,405 | |
| Dexter | RI | $95,041,796 | Navigant | RI | $1,618,467,235 | |
| United Financial Services | NJ | $20,129,633 | Advanced Financial | NJ | $76,655,139 | |
| May 2016 | San Gabriel Valley Postal | CA | $20,263,231 | Credit Union of Southern California | CA | $1,045,877,903 |
| Heinz – Del Monte | PA | $22,641,683 | Clearview | PA | $1,043,104,522 | |
| Educational | KS | $204,883,399 | Azura | KS | $270,576,603 | |
| Belvoir | VA | $333,321,795 | Pentagon | VA | $19,920,263,320 | |
| Employees | TN | $31,108,033 | Ascend | TN | $1,878,772,887 | |
| June 2016 | Florida Baptist | FL | $24,515,909 | First Florida | FL | $724,398,031 |
| Oak Trust | IL | $46,462,015 | NorthStar | IL | $156,091,975 | |
| Keystone | PA | $76,122,912 | TruMark Financial | PA | $1,832,228,832 | |
| July 2016 | Eagle | CA | $20,899,129 | Unify Financial | CA | $2,272,872,292 |
| St. Luke’s | MO | $23,629,883 | CommunityAmerica | MO | $2,281,916,105 | |
| Freedom | NC | $53,037,100 | Coastal | NC | $2,669,331,062 | |
| Northwest Georgia | GA | $79,218,991 | Coosa Valley | GA | $204,990,934 | |
| Aug. 2016 | Sierra Point | CA | $27,017,414 | Financial Partners | CA | $1,196,770,538 |
| Alamo | TX | $43,733,780 | Pentagon | VA | $20,162,693,973 | |
| Central Hudson Employees | NY | $46,321,628 | Mid-Hudson Valley | NY | $919,961,867 | |
| Sept. 2016 | Postmark | PA | $29,138,394 | Xceed Financial | CA | $952,361,140 |
| Florence DuPont Employees | SC | $35,869,901 | South Carolina | SC | $1,502,872,086 | |
| Chicopee Municipal Employees | MA | $47,898,942 | Polish National | MA | $495,720,424 | |
| Chaco | OH | $187,015,448 | Telhio | OH | $624,612,723 | |
| Oct. 2016 | The Heritage | MT | $20,735,820 | Rocky Mountain | MT | $198,832,765 |
| Pittsburgh Central | PA | $33,331,313 | Chrome | PA | $135,939,671 | |
| Ryder System | FL | $39,411,678 | Power Financial | FL | $575,345,459 | |
| Health Associates | CA | $48,398,720 | Credit Union of Southern California | CA | $1,089,320,100 | |
| Clearwater | ID | $23,070,632 | Lewis Clark | ID | $66,630,881 | |
| Nov. 2016 | MidConn | CT | $20,801,477 | Dutch Point | CT | $262,588,424 |
| Culver City Employees | CA | $23,566,237 | Glendale | CA | $63,262,963 | |
| United Financial | CA | $37,346,152 | Credit Union of Southern California | CA | $1,089,320,100 | |
| High Plains | NM | $41,228,484 | Pentagon | VA | $20,655,673,088 | |
| Dec. 2016 | Fiscal | CA | $142,544,224 | Unify Financial | CA | $2,348,441,018 |
| DOW Northeast Employees | PA | $20,505,122 | TruMark Financial | PA | $1,830,870,034 |
Source: Callahan & Associates.
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