ST. PAUL, Minn. (9/22/15)--Minnesota credit unions recorded the largest increase in net branch growth of any state in the first two quarters of 2015, according to numbers from a study by SNL Financial.
With a net of eight branches added, the total number of credit union branches in Minnesota rose to 395.
“The increase in the number of branches reflects the growth Minnesota credit unions have seen in the past few years,” said Mark Cummins, Minnesota Credit Union Network president/CEO. “Since the recession, balance sheets have improved, allowing credit unions to make capital investments, which display their strong commitment to member service and dedication to local communities.”
The report also found that assets climbed by more than $500 million in the first half of the year, pushing total assets at the state’s credit unions up to $19.5 billion.
Memberships remained strong as well, climbing to 1.63 million members in the state through the end of June from 1.62 million at the end of 2014.
Additional key measurements illustrating Minnesota credit union growth: