Membership in federally insured credit unions grew to 106 million by midyear of 2016, an increase of 3.8 percent compared to the same time period last year, according to data released by the National Credit Union Administration (NCUA).
United Federal Credit Union membership grew even more aggressively by the end of the second quarter to total more than 149,000, which is an increase of 7.7 percent when compared to last year.
The NCUA report shows that credit union memberships in North Carolina topped 3.8 million at the end of the quarter. That is an increase 5.2 percent compared to last year, and means that more than 40 percent of the state’s population is choosing credit unions to meet their financial needs.
“As not-for-profit organizations, credit unions put members’ best interests first,” said UFCU North Carolina Market Vice President Lee Beason. “That is no doubt one of the reasons for the growth and why credit unions are consistently cited as one of the industries with the highest rate of consumer confidence.”
Credit unions are not-for-profit financial cooperatives with each member owning a share. Earnings are returned to members in the form of higher rates on savings, lower rates on loans. Credit Unions are governed by a member-elected board of directors rather than a paid board.