REALTORS® Credit Union Ranks No. 1

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In the first half of 2011, credit unions welcomed 510,217 new members into the cooperative community. Annually, credit unions grew membership rosters by 0.59% as of June 2011, bringing the total credit union membership base to 92.3 million. Industry observers expect those numbers to increase as Bank Transfer Day activities drive new members into the credit union market.  

In addition to adding new members, credit unions were also successful at furthering relationships with existing members. The average member relationship (excluding business loans) grew 1.8% year-over-year to $14,774.  On average, members now have 2.35 products with their credit union.

Realtors FCU Ranks No. 1 in Organic Membership Growth

There are currently more than 1,400 state and local real estate associations linked to the National Association of Realtors, which is the core of Realtors Federal Credit Union ($85.4M, Rockville, MD).

“These are the grassroots of the realty community,” says Jane Pannier, CEO. “It can be very advantageous to work with these associations.”

“NAR sends of all of its members emails touting the benefits of credit union membership,” says Jesse Boyer, Realtor’s COO.

The credit union is capitalizing on this loyalty and turning those new membership into loans as well. Realtors grew its loan portfolio by 10.66% in the year ending June 2011 bucking its peer group (credit unions $50-100M in assets) decline of -0.57%, according to Callahan Associates’ 2012 Credit Union Directory. Its average member relationship of $17,409 is nearly 18% above the industry average of $14,774.

Below are the Top 20 credit unions with the fastest growing memberships from June 2010-June 2011 according to Callahan Associates’ 2012 Credit Union Directory. Credit unions that grew as a result of a merger or purchase and acquisition have been excluded from the results to highlight those credit unions that grew their membership organically.

For the complete Top 50, see Callahan Associates’ 2012 Credit Union Directory

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  by E.J. Donaghey |
  Wednesday, November 16, 2011 |

  This is an unprecedented opportunity for the Credit Union Movement to grow. I would be curious to see membership grow with members under 35 years old and how that compares to the entire financial services industry. And also what estimated attrition rates are too. Good article.

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