Published By CUEvangelist – September 10, 2024

The credit union movement originated from humble beginnings. Over time,
credit unions have flourished to hold a combined $2.23 trillion in assets at the end of the 3rd Quarter of 2023.

As member-owned financial institutions, credit unions have asset
sizes that primarily fit into three categories: large credit unions with
assets in excess of $500 million, medium sized with assets between
$100 million and $500 million, and small credit unions with less than $100
million in assets.

Small credit unions make up approximately half of all credit unions
and they serve an integral role in providing highly personalized
financial services in local communities often serving the underserved and
those of modest means. At some point in time, all credit
unions were small in asset size. Therefore, all credit unions especially
those with asset sizes in excess of $500M should never forget from
whence they came and adopt the small credit union sustainability mantra of
“No Credit Union Left Behind!”

As a matter of fact, the top five largest credit unions by asset size today were once small credit unions. Just imagine what the credit union movement
would be like if these “once upon a time” – small credit unions ceased to
exist? The top five largest credit unions with humble beginnings are:

Navy Federal Credit Union
Founded in: 1933
Assets in First Year of Reporting: $50 (Initial deposit from the original seven
members)
Current Asset Size: $177.1 billion
Members: 13.8 million

State Employees’ Credit Union (SECU)
Founded in: 1937
Assets in First Year of Reporting: $437 (Initial membership of 17 employees)
Current Asset Size: $56 billion
Members: 2.8 million

Pentagon Federal Credit Union (PenFed) formerly the War Department CU
Founded in: 1935
Assets in First Year of Reporting: $210 (from its original 10 members)
Current Asset Size: $33.5 billion
Members: 2.9 million

Boeing Employees Credit Union (BECU) – formerly Fellowship Credit Union
Founded in: 1935
Assets in First Year of Reporting: $9 (from initial 18 members at Boeing)
Current Asset Size: $29.6 billion
Members: 1.4M

Schools First Federal Credit Union formerly Orange County Teachers Credit Union
Founded in: 1934
Assets in First Year of Reporting: $1,200 (from 125 members)
Current Asset Size (as of 2023): $30 billion
Members: 1.4 M

CUEvangelist wants NO CREDIT UNION LEFT BEHIND!
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