The number of federally insured credit unions decreased by 160 between March 2019 and March 2020, the National Credit Union Administration said Wednesday in its “Quarterly Credit Union Data Summary.”.
The decrease continues a long-term consolidation trend. Since the data analysis ends at the end of March, the information does not reflect the impact of the pandemic on the credit union system.
In March 2020, there were 5,195 federally insured credit unions, down from 5,355 in March of last year. Federally insured credit unions added 4.1 million members, reaching 121.4 million in March 2020.
As in the past, the smallest credit unions continued to decrease, while the largest grew.
For instance, the number of credit unions with less than $10 million in assets decreased by 60, to 1,291 in March of this year. Those credit unions held 0.3% of the credit union system’s assets.
By comparison, the number of credit unions with at least $1 billion in assets increased by 27 from a year ago. In March, there were 342 credit unions in that asset category, and they held 70% of the system’s total assets.
The number of credit unions that are designated as low income increased by 60, reaching 2,631 at the end of March.
Total outstanding loans increased $68 billion, or 6.5%, the NCUA said. The average outstanding loan balance in the first quarter of 2020 stood at $15,872, up 2.9% from a year ago.
The agency said that insured shares and deposits increased $89 billion, or 7.5%, reaching $1.3 trillion.