States reach nearly even share of assets, YE ’16 stats show

March 7, 2017 (updated) -- State-chartered credit unions held just under 49% of the $1.3 trillion in assets held by all U.S. credit unions at year-end 2016, according to numbers released Monday by NCUA, and additional numbers compiled by NASCUS.

The figures combine totals from federally insured credit unions (released by NCUA, and including both state and federal credit unions (FCUs) that have federal savings insurance) and privately insured credit unions (compiled by NASCUS as reported by American Share Insurance, Inc., for year-end 2016). The combined figures show SCUs hold 48.8% of all CU assets; FCUs hold 51.2%.

Additionally, the year-end numbers show that state chartered credit unions hold nearly 50% (49.5%) of all outstanding loans at credit unions, and about the same percentage (49.4%) of total deposits (savings and shares).

State chartered credit unions, the numbers also show, count just under 48% of all memberships at credit unions. All told, credit unions nationwide count more than 108 million memberships.

In terms of growth, state-chartered credit unions expanded faster than FCUs in each category except membership. SCUs expanded their total of assets by 8.1% (to $639 billion); FCUs expanded by 6.7% (to $670 billion). Other growth figures include shares/total deposits (States: 7.9% growth, to $547 billion; FCUs: 7.2%, to $560 billion), loans (States, 11.1% to $435 billion; federals, 9.8% to $444 billion). FCUs expanded their memberships by 4.2% (to 56.6 million), versus 3.9% for SCUs (to 51.6 million).

The number of credit unions overall continued to decline, by 239, a drop of just under 4% (to 5,906). More FCUs went away (156) than did states (83), a rate of about two to one. The number of FCUs continue to make up the majority of credit unions, at 61%.