The FDIC has released its quarterly summary of deposit data, which shows the total number of bank branches declined 3.4% to 93,237 from June 2014 to June 2015. Michigan reported the largest decline in branches with a reported 601 bank branch closures over the past year. By contrast, credit unions reported a net increase in branches 21,012 this year versus 20,935 in 2014.
Despite the slight increase in branch numbers, deposit market share remained unchanged for credit unions nationwide. As of June 30, 2015, the credit union deposit market share was 8.63%, just three basis points lower than June 2014. Among all states, Alaska posted the highest credit union deposit market share, 29.8%, while the District of Columbia and Idaho rounded out the top three with 24.6% and 24.0% market share, respectively.
LEADERS IN CREDIT UNION DEPOSIT MARKET SHARE
For all U.S. credit unions | Data as of 06.30.15
Callahan & Associates | www.creditunions.com
|State||CU Market Share 15||CU Market Share 14||YOY Change In CU Market Share|
|2||District of Columbia||24.6%||21.6%||3.00%|
Source: Peer-to-Peer Analytics by Callahan & Associates
With a seven-percentage point increase, Arkansas boasted the largest year-over-year increase in the credit union deposit market share. North Dakota came in second with a 3.2 percentage point bump. Notably, 20 states posted a year-over-year increase in the credit union deposit market share, slightly up from the 19 reported in June 2014.
For banks, the two states with the highest deposit market share were South Dakota and Delaware, where 99.4% of the market went to for-profit institutions as of June 30, 2015.
How Do You Compare?
See more branching data and learn about industry performance in the Callahan webinar The Branch Is Not Dead.