Top 10 Largest Credit Unions in the U.S by Total Assets
What is A Credit Union
A credit union is a non-profit financial organization that is owned and run by its members. Although a credit union offers loans and accepts deposits from customers, it differs from banks in many respects. However, what sets a credit union apart from the competition is that its members often enjoy greater control over the business, lower fees, and higher interest rates.
In the past, credit union membership was limited to members of particular groups, such as workers in a given industry, state agency located in a county, or employees of a company. Nonetheless, these limitations have loosened and membership is now available to wider demographics in recent years.
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| 10 largest credit unions in the US |
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 provide loans, savings accounts, and financial education to members.
Large credit unions like Navy Federal and State Employees' Credit Union serve large memberships and manage large assets.
Even though size is often correlated with members and assets managed, value provided, member satisfaction, and community development are crucial success indicators.
These credit unions have survived legislative changes, economic fluctuations, and financial services digitalization by balancing innovation and cybersecurity.
Credit unions' focus on financial inclusion, literacy, and access to credit makes them essential to an equitable financial system.
Despite a decline in US credit unions, credit union membership rose steadily over the past decade, reaching 135 million in 2022.
Recent years have seen credit union growth. In 2018, federally insured credit unions had $1.42 trillion in assets; by March 2023, they had $2.21 trillion, a 50% increase.
The top ten credit unions have $400 billion in assets and $342 billion in deposits.
♦ 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?
The nation boasted over 4,700 credit unions. In terms of membership, customer deposits, and total assets (both monetary and otherwise), Navy Federal Credit Union stood head and shoulders above the competition. When the District of Columbia's Navy Department employees needed a credit union, they formed Navy Federal in 1933.
Veterans, active-duty service members, and their families, as well as those who have served in any branch of the military, are now eligible to become members of the credit union. The total assets of the biggest credit union have been rising at a steady rate, and in 2022 they will reach $156 billion.
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, which has over $166 billion in assets and is the largest credit union in the US, is a great example of how powerful these organizations can be.
At first, it was only meant to help Navy members. Since then, it has grown to help all branches of the military, the Department of Defense, veterans, and their families.
Navy Federal is known for having great customer service. They offer many banking services, such as mortgages, credit cards, and planning for retirement.
The reason Navy Federal is so successful is that it cares about the military community. By giving military members exclusive services like VA loans and credit cards, it strengthens its bonds with its members and establishes itself as a reliable financial partner for the whole military community.
To join, you must have a connection to the military, the U.S. Department of Defense, or the National Guard. This could be your own connection or a connection through a family member or person living with you.
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
Alliant Credit Union has more than 800,000 members and almost $14 billion in deposits. The credit union doesn't have any branches; it only works online.
It was originally made to help United Airlines employees, but since then, more groups and communities have been able to join.
People who work for US companies and organizations that work with Alliant and have recently retired or are still working can join Alliant, as well as their families. People who are already part of Foster Care to Success, an organization that helps foster teens in the US, can also join.
Alliant offers many different types of financial services, such as loans, credit cards, investments, and insurance. The key to its success is its promise to provide its members with the best 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.
There are a lot of branches of the credit union in California and the Pacific Northwest, which includes Washington and Oregon. You or someone in your family must work for one of First Tech's partners or live in Lane County, Oregon, in order to join. You can also join if you are a member of the Computer History Museum or the Financial Fitness Association.
Focusing on people who are tech-savvy, First Tech offers a wide range of cutting-edge financial products to meet the specific needs of its members.
As an example, it shows how credit unions can come up with new ways to help their members by focusing on how to use technology to make service easy and quick.
10. Mountain America Credit Union
Assets: $17 billion
Headquarters: Sandy, Utah
These are the only western states where Mountain America can be found. It is the tenth largest credit union in the United States. More than a million people have signed up, and $14.9 billion has been deposited. There are over 100 branches of the credit union in Arizona, Nevada, Utah, New Mexico, and New Mexico.
Most people who live in certain areas of Utah are required to be members, but family and household members can also join. Aside from that, members may work for or volunteer with certain organizations.
Mountain America offers banking, loans, insurance, and help with planning for retirement, among other financial services.
It is proud of how hard it works for its members and the communities it serves. It also shows how credit unions can make a big difference in their areas.
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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