RALEIGH, N.C. – As many as five more credit unions are believed to have hit the $1 billion mark since the first of the year, as the consolidation of the industry has accelerated.
Local Government FCU announced it hit the mark this week, after 27 years serving North Carolina’s local government employees, elected/appointed officials, volunteers and their families.
The other giant credit unions on the cusp of the club are: Forum CU in Indianapolis; Numerica CU in Spokane, Wash.; America’s First FCU in Birmingham, Ala. and Allegacy FCU, in Winston-Salem, which would be rejoining the club after dipping below the $1 billion mark at year end.
There were 159 credit unions with more than $1 billion in assets holding more than $400 billion of assets, or 44% of the industry’s total assets, at year end, according to Callahan & Associates. That’s up from 146 over $1 billion at year-end 2008 and 127 at year-end 2007.
