Top 10 Biggest Credit Unions in the U.S by Total Assets (Updated)
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| 10 largest credit unions in the US |
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What is A Credit Union
A credit union is a financial institution that is not for profit and whose members own and control it. In many ways, a credit union is similar to a bank in that it offers loans and holds customer deposits, but its members are drawn to it because it typically has lower fees, higher interest rates, and gives them more power over the business.
Historically, membership in credit unions was restricted to a specific group of people, such as employees of a company, a state agency in a county, or a particular industry. However, in recent years, these restrictions have loosened and membership has become open to larger groups of people.
Overview: Credit Unions in the United States
The financial landscape in America is significantly influenced by credit unions, which provide an alternative to traditional banking while promoting local economies and the stability of the whole country.
They offer members beneficial financial services like loans, savings accounts, and financial education.
The biggest credit unions, like Navy Federal and State Employees' Credit Union, serve sizable memberships and oversee sizable assets as examples of this impact.
Despite the fact that size is frequently correlated with the number of members and assets managed, the importance of value provided, member satisfaction, and commitment to community development cannot be overstated as important success indicators.
With a balance between innovation and strong cybersecurity, these credit unions have demonstrated resilience in the face of legislative changes, economic ups and downs, and the growing digitalization of financial services.
Credit unions are a crucial component of an equitable financial system because of their emphasis on financial inclusion, financial literacy, and accessible credit.
The number of credit union members increased steadily over the past ten years, surpassing 135 million in 2022, despite a decline in the number of credit unions in the US.
In recent years, credit unions have experienced significant growth. The total assets of federally insured credit unions were $1.42 trillion in 2018, but by March 2023, that amount had increased to $2.21 trillion, an increase of more than 50% in just five years.
Currently, the ten largest credit unions have assets totaling $400 billion and deposits totaling about $342 billion.
♦ Check more: Top 10 Largest Finance Companies In The USA
| Credit unions return excess income to their members in the form of lower fees, higher savings rates, and lower loan rates, in contrast to banks, which make profits for shareholders. |
What is the Largest Credit Union in the United States?
In 2023, there were more than 4,700 credit unions in the country. The biggest among them was Navy Federal Credit Union, which had the most members, deposits from customers, and total assets in terms of both dollar amount and number. Navy Federal was established in 1933 as the District of Columbia's Navy Department employees' credit union.
All military personnel from all branches, veterans, and DOD employees, as well as their families, are now welcome to join the credit union. The largest credit union's overall holdings have been steadily increasing in recent years, reaching 156 billion dollars in 2022.
Top 10 Biggest Credit Unions in the United States by Total Asset Today
1. Navy Federal Credit Union
Assets: $166 billion
Headquarters: Vienna, Virginia
Navy Federal Credit Union, the biggest credit union in the US with over $166 billion in assets, is a shining example of the influence these institutions can have.
It was initially created to assist Navy personnel, but it has since grown to assist all military branches, the Department of Defense, veterans, and their families.
Navy Federal, which is renowned for its top-notch customer service, offers a wide array of banking services, including mortgages, credit cards, and retirement planning.
The dedication of Navy Federal to the military community is the foundation of its success. It strengthens its relationship with its members and establishes itself as a dependable financial partner for the military community by providing specialized services like VA loans and credit cards that are only available to military personnel.
You must have a connection to the military, the U.S. Department of Defense, or the National Guard in order to join, either personally or through a family member or household member.
2. State Employees’ Credit Union
Assets: $50.8 billion
Headquarters: Raleigh, North Carolina
With $50.8 billion in assets, the State Employees' Credit Union (SECU) provides services to North Carolina state employees.
It has distinguished itself by offering a broad range of financial services, including loans, insurance, investment guidance, and estate planning.
Additionally, SECU emphasizes community development through programs like scholarships and programs for affordable housing.
The strength of SECU is its ties to the local community. SECU has cultivated a committed membership base by concentrating on the requirements of state employees and their families.
It has strengthened its position as a crucial resource for its community by continuously developing its services to meet the shifting financial needs of its members.
3. Pentagon Federal Credit Union
Assets: $35.3 billion
Headquarters: McLean, Virginia
Pentagon Federal (also known as PenFed), which has more than 2.9 million members, is the second-largest credit union by number of members even though it is the third-largest credit union overall.
Assets at Pentagon Federal Credit Union total $35.3 billion. It benefits the military, the defense industry, and the families of those who serve.
PenFed, on the other hand, has broadened the scope of its membership to include anyone who belongs to a number of acceptable associations and organizations.
PenFed provides a range of goods and services, including credit cards, loans, checking and savings accounts, and wealth management services.
Its success is a result of its dedication to offering its members top-notch service and affordable prices.
PenFed continuously strives to improve the financial security of its members, whether it's by assisting them with home purchases or retirement planning.
4. Boeing Employees Credit Union
Assets: $28.9 billion
Headquarters: Tukwila, Washington
Boeing Employees' Credit Union is the biggest credit union in Washington state and is primarily located in the Northwest. 1.4 million people are members of Boeing Employees. Those who worship, work, or reside in Washington state, as well as residents of certain counties in Oregon and Idaho, are currently eligible to join.
The Boeing Company's employees are served by the $28.9 billion in assets of the Boeing Employees Credit Union.
However, it now accepts members from numerous employers and associations. It has established itself as a reliable resource for its members by providing a variety of financial products, including loans, checking accounts, and investment services.
An important factor in the credit union's development and success has been its dedication to innovation and digital transformation.
It has successfully met the changing needs of its members through user-friendly online services and mobile banking options, earning their trust and loyalty.
5. SchoolsFirst Federal Credit Union
Assets: $28.6 billion
Headquarters: Tustin, California
Over 1.3 million people are served by the institution SchoolsFirst, which is based in California. It has more than $24 million in deposits overall and operates 70 branches, mostly in the cities of Sacramento and Los Angeles. The California educational communities are served by the credit union.
As a result, anyone who works for a California public school, whether currently or in the past, or who has a relative who is a member of the credit union is eligible to join. Employees who live in California and work for a company that primarily provides direct services to a school or district there are also eligible to join, as are college students enrolled in programs that qualify and have a student teaching requirement.
SchoolsFirst's unwavering commitment to education has allowed it to develop strong relationships with its members.
Its ability to comprehend and meet the particular financial requirements of educators, positioning itself as a partner in their financial journey, is key to its success.
6. Golden 1 Credit Union
Assets: $19.6 billion
Headquarters: Sacramento, California
In 1933, Golden 1 Credit Union received its charter. It currently serves over a million members and has deposits totaling almost $17 million. The credit union operates 65 branches spread out across California and provides a full range of financial products, including deposit and loan products.
Anyone who resides or works in California is eligible to join. If a relative or domestic partner is already a member, non-Californians may also join.
It provides a wide range of financial services to members across the Golden State, including checking and savings accounts, loans, credit cards, and insurance.
The commitment of Golden 1 to its customers' communities and members is its greatest asset. Golden 1 has a strong member focus and a reputation for providing excellent service and supporting the local community.
7. Alliant Credit Union
Assets: $19 billion
Headquarters: Chicago, IL
More than 800,000 people belong to Alliant Credit Union, which also has nearly $14 billion in deposits. The branchless credit union only operates online.
Although it was initially created to benefit United Airlines staff, it has since broadened the scope of which organizations and communities are eligible to join.
Employees of companies and organizations that work with Alliant in the US who are currently employed or have recently retired (as well as their families) are eligible to join Alliant. Members of Foster Care to Success, a group that assists foster teens in the United States, are also eligible to join.
Alliant provides a wide range of financial services, including loans, credit cards, investments, and insurance. The foundation of its success is its dedication to offering its members superior value and service.
8. America First Credit Union
Assets: $18.3 billion
Headquarters: Riverdale, UT
America First Credit Union was established in Utah, where the majority of its branches can be found. With deposits totaling $16 billion, the credit union has 1.3 million members.
Members may also reside in certain areas of Arizona, Nevada, New Mexico, Idaho, and Oregon, but membership is primarily open to those who reside in or work in Salt Lake and Juab Counties.
It offers a comprehensive range of financial products, including loans, insurance, and investment services in addition to deposit accounts.
America First's commitment to providing superior service and ongoing efforts to give its members the best value are clear examples of its commitment to its philosophy of putting members first.
9. First Technology Federal Credit Union
Assets: $17 billion
Headquarters: San Jose, California
Despite having only 32 branches and fewer than 700,000 members, First Tech has more than $11 billion in total deposits.
The majority of the credit union's branches can be found in California and the Pacific Northwest, which includes Washington and Oregon. You or a family member must work for one of First Tech's partners, reside in Lane County, Oregon, or both in order to be eligible to join. You can also join if you're a member of the Financial Fitness Association or the Computer History Museum.
With a tech-savvy focus, First Tech provides a variety of cutting-edge financial products catered to the distinct needs of its members.
It serves as an example of how credit unions can innovate to better serve their members by emphasizing the use of technology to deliver convenient and effective service.
10. Mountain America Credit Union
Assets: $17 billion
Headquarters: Sandy, Utah
Mountain America is the tenth-largest credit union in the United States and is only present in western states. It has more than a million members and deposits worth $14.9 billion. More than 100 branches of the credit union can be found in Utah, New Mexico, Arizona, Idaho, Nevada, and Montana.
Most residents of certain areas of Utah are required to qualify for membership; however, family and household members are also eligible. Additionally, members may be staff members or volunteers of particular organizations.
Financial services provided by Mountain America include banking, loans, insurance, and retirement planning.
It takes pride in its dedication to its members and the communities it serves and serves as an example of how credit unions can have a big regional impact.
Conclusion
Since about one-third of Americans belong to a credit union, they play a significant role in consumer banking in the United States. Since 2013, there have been fewer credit unions overall, but during the same period, their total assets have increased annually.
The rising number of credit unions that oversee assets worth more than $1 billion in the United States can be used to explain this. Assets held by credit unions were estimated to be worth 2.17 trillion dollars.
FAQs
What is the largest credit union in the USA?
Navy Federal Credit Union is the largest credit union in the USA, with over $166 billion in total assets.
How do credit unions contribute to the US economy?
By promoting savings, delivering affordable financial services, and funding neighborhood development initiatives, credit unions support the US economy.
What are the main challenges faced by major credit unions?
Challenges in regulatory compliance, economic fluctuations, market volatility, and cybersecurity plague the largest credit unions.
How are credit unions innovating in response to digitalization?
Credit unions are bolstering their cybersecurity while expanding their digital service offerings, which now include mobile banking apps, online loan applications, and digital wallets.
What role do credit unions play in promoting financial literacy and inclusion?
Credit unions encourage members and communities to make educated financial decisions by providing access to educational programs, workshops, and resources.
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