MINNEAPOLIS–Under a headline that asks, “Why are there suddenly credit unions 'everywhere' in Minnesota?”, the Minneapolis Star-Tribune published a profile that explored how banks have been closing branches and credit unions opening them across the state.
The piece appeared as part of the publication’s “Curious Minnesota” series and was in response to a reader’s question over why it seemed there were credit union branches to be found “everywhere” in the state, when previously it seemed there were just a “handful.”
“Credit unions have been opening up more branches across Minnesota in recent years, even as the overall number of credit unions has been shrinking,” the report stated. “It's a reflection in part of how much more proactive many credit unions have become about growth, expansion and marketing to stay relevant in a competitive industry.”
Other Factors
The report suggested the not-for-profit status of credit unions and more consumer-friendly pricing has also led more Minnesotans to choose credit unions.
"Your reader is spot on that they are increasingly seeing credit unions around," Mara Humphrey, CEO of the Minnesota Credit Union Network, told the Star Tribune. "We've seen an increase in branches in credit unions in Minnesota and also in the number of branches per credit union."
The report stated that for the record, there are currently approximately 400 credit union branches throughout Minnesota, compared with about 373 a decade ago.
Humphrey told the Star Tribune that traditional banks, by contrast, have been closing branches at a similar clip over the last decade.
‘More Aggressive’
While credit unions, like banks, have also been expanding their online presence with apps of their own, Humphrey told the publication that opening new physical locations remains an especially important strategy for credit unions, “which are being more aggressive than they have in the past about building awareness and finding new members.”
The report further noted that membership in Minnesota has grown to 2.1 million people, served by 87 CUs, down from 180 two decades ago. That has led to larger CUs that are better able to open branches, Humphrey told the Star Tribune.
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