Nebraska credit unions have surpassed 500,000 memberships, the Nebraska Credit Union League (NCUL) announced this week.
Membership at Nebraska credit unions reached 501,273 as of September. Nebraska credit unions have added 66,915 members since September of 2011, an annual membership growth rate of 15.4% over the past five years.
“More than one in four of the state’s population now participates in the financial benefits of credit union membership,” said Scott Sullivan NCUL president. “As uneven economic outcomes for Americans, burdensome regulations, and disruptive competitors pursuing new business models impact the marketplace, it is the resilient, long-term, member-driven approach that enables credit unions to grow in approval and popularity.”
Sullivan attributes millennial preferences, anti-big bank sentiment and the economic environment as contributing factors driving credit union year-over-year gains. Nebraska’s 61 credit unions provided more than $36.5 million in direct financial benefits to members due to better rates, fewer and lower fees, and a cooperative business model that puts people before profits.
Nationwide, total credit union memberships stand at 108.6 million, increasing at a 3.9% annual rate according to CUNA research and statistics.