Atlanta, GA – American credit unions added more than 1.5 million memberships in the third quarter of 2015, the fastest growth quarter experienced in the history of credit unions.
The increase, which is nearly double the 808,000 memberships added in the third quarter of 2014, is being attributed by economists to a surging demand for credit.
Credit union loan balances in the U.S. increased $26.2 billion in the third quarter, above the $22.1 billion in the third quarter of 2014.
Also driving membership gains was the 513,000 new jobs added to the U.S. economy in the third quarter.
Credit union memberships rose 477,000 in September, or 46 percent, much better than the 297,000 new members (30 percent) added in September 2014.
Georgia credit union memberships grew by 1 percent in the second quarter and 2.1 percent in the first six months of 2015 – boosting the number to 2.1 million by the end of the second quarter.
Information in this release was gathered from The Credit Union Trends Report, which is a monthly “pulse check” on the state of the credit union marketplace. The report is published and distributed by Steven Rick from CUNA Mutual Group. See the full report here.
About Georgia Credit Union Affiliates Georgia Credit Union Affiliates (GCUA) provides services and support that help Georgia credit unions – with current memberships topping the 2.1 million mark – meet the financial service needs of the state’s credit union members. GCUA offers advocacy, educational, operational and marketing support for Georgia’s 128 credit unions, with combined total assets of more than $20 billion. More information can be found at http://www.asmarterchoice.org/ and on social media at https://www.facebook.com/creditYOUnion, https://twitter.com/HPALGa and https://twitter.com/Gcuagov.