13. June 2011 20:35
According to this week’s National Pricing Indicator report from Market Rates Insight, credit unions have added a total of 725,531 new members during the 12 months ending March 31, 2011, at an average operating cost of $149 per new member acquisition.
The average membership per credit union increased from 12,035 to 12,475. The incremental increase in the average membership per credit union occurred despite a decrease in the total number of credit unions from 7,498 to 7,292 - a decrease of 206 institutions. The absolute increase in the average number of members per credit union was 439. The average same-store increase, which excludes mergers and acquisitions, in the number of members was 97 new members per credit union (Figure 1).
Total deposits (savings) at credit unions increased from $773 billion to $812 billion in the 12 months ending in March 2011 - an increase of $39 billion. The average deposits per member increased from $8,568 to $8,923 over the same time period - an increase of $355 per member.
The greatest increases in deposits occurred in regular shares accounts (savings), which increased by $23 billion, followed by Money Market account up $15 billion and share drafts (checking) up $10 billion. The greatest decreased occurred in share certificates (CDs), which decreased by $12 during the 12 months ending March 2011 (Figure 2).