MARLBOROUGH, Mass. (3/25/15)--The Cooperative Credit Union Association (CCUA) reported this week that each of the three New England states it represents--Massachusetts, New Hampshire and Rhode Island--experienced membership growth increases between six and 15 times that of their states' population growth rates.
In Massachusetts, for example, credit unions amassed 2.57 million memberships by the end of 2014, posting a 3.3% jump on an annual basis, or six times higher than increases in the state's population (Daily CU Scan March 24).
New Hampshire's credit unions ended 2014 with 571,000 memberships, a number equal to roughly 43% of the state's population. The state's credit unions posted a 4.7% annual growth rate in 2014, dwarfing a 0.3% population growth.
And in Rhode Island, credit unions posted a 2.8% increase in memberships, the fastest annual jump since 2002 and 14 times higher than the state's population growth rate.
The data comes from the league's year-end 2014 state profiles, which can be found in full on CCUA's website.
Additional numbers from the data: