ST. PAUL, Minn.–Minnesota’s credit unions are citing NCUA data and a statewide survey of consumers that show significant asset and reputational growth for CUs in the state so far in 2020.
During the second quarter of 2020, and over the past year, Minnesota credit unions grew more than other credit unions across the country, according to the Minnesota Credit Union Network. In the annual measurements of key indicators, CUs ranked in the top 10 states in nearly every measurement, the MnCUN added.
According to NCUA data, Minnesota credit unions experienced:
- 12.8% Median Y/Y Asset Growth
- 14.2% Median Y/Y Deposit Growth
- .9% Median Y/Y Membership Growth
- 3.5% Median Y/Y Loan Growth
In addition, credit unions improved the total percentage of deposits in Minnesota from 8.2% to 8.5%, the MnCUN said, adding, “When Minnesota’s largest banks are removed from the data it shows that credit unions have 20% of small institution deposits.”
Feeling the Love
Separately, a new statewide survey of more than 600 Minnesotans shows 54% of Minnesota credit union members in Minnesota “love” their credit union, while only 17% of bank customers “love their bank.” The MnCUN said the rating for credit unions continues to trend upwards over the five years the association has measured it, while those who “love” their bank has remained steady.
“Minnesota’s credit unions are committed to their members, in good times and challenging ones,” said MnCUN CEO Mark Cummins. “We are encouraged by the trends and continue our efforts to help consumers understand the advantages of being a credit union member.”
According to the MnCUN, additional findings from the survey indicate 52% percent of non-credit union members age 18-34 year-olds are likely to consider joining a credit union. The association said the percentage has also increased significantly since 2017, when Minnesota Credit Unions joined CUNA’s Open Your Eyes awareness initiative in 2019.
After pausing the Open Your Eyes campaign, the MnCUN said it has since relaunched it and has seen 22-million impressions.
Critical Measurement
“One critical measurement is that Minnesotans are becoming more familiar with credit unions, and 63% of Minnesotans believe that their money in credit unions is ‘safer or just as safe as bank,’” the MnCUN said. “One in three consumers polled stated they would consider a credit union when applying for a loan, and two in five would consider a credit union when planning to open a checking or saving account.
“The ongoing investment to boost awareness is paying benefits in growth and knowledge of credit unions across the state,” Cummins said.