ST. PAUL, Minn. (12/6/13)--Nearly 30% of Minnesota residents are credit union members after the state's cooperative financial institutions increased membership by nearly 16,000 in the third quarter of 2013, reaching an all-time high of 1.6 million.
The membership growth in the third quarter--a growth rate of 1%--continues a trend that began during the financial crisis, when consumers took action and moved to credit unions in their dissatisfaction with large banks.
"Minnesota consumers and businesses continue to choose credit unions as their primary financial institution--much as they choose other local, community-focused businesses," said Mark D. Cummins, Minnesota Credit Union Network president/CEO. "By making the switch, consumers are demonstrating their trust for credit unions rather than banks and selecting a financial institution that is aligned with their values."
Bank fees ignited the grassroots movement Bank Transfer Day, Nov. 5, 2011, which helped prompt a gain of 2.2 million new member accounts at credit unions (News Now Sept. 30).
"These results show that we have been successful and that consumers are choosing credit unions more and more as their trusted financial partner," said Cummins. "As the trade association for Minnesota's credit unions, our strategy focuses on advocating for and creating an environment where credit unions can compete and grow their market share."