WASHINGTON-In a downsizing employment market, where the Department of Labor reports the loss of 200,000 jobs in the financial industry between December 2006 and October 2008, the nation's credit unions continue to add staff, according to Callahan & Associates.
The firm said that since December 2006, credit unions have added more than 12,000 new employees. "You can't go online, read a paper, or watch TV without hearing of downsizing in financial services," said Jay Johnson, Callahan EVP. "In this environment, the fact that credit unions are adding staff and opening new branches to serve their growing memberships takes on added significance. Credit unions' 2008 results indicate they are responding to member borrowing and saving needs, resulting in more demand for services, and the accompanying need to add more staff."
Total workforce for all U.S. credit unions grew 3.3% between June 2007 and June 2008, to reach 241,000 employees nationwide.
Part of that growth is part of another growth trend: branches. Investment in and growth of fixed assets, land and buildings grew 9.97% between June 2007 and June 2008 to reach $18.4 billion. Total branches nationwide in June 2008 had reached 21,198 offices. The top five CUs, with the most extensive branching networks, were State Employees CU ($16.5B), Raleigh, N.C., with 218 branches; Navy ($35B) Vienna, Va., 150 branches; The Golden 1 ($7B), Sacramento, Calif., 75 branches; Suncoast Schools ($6B) Tampa, Fla., 50 branches and Schoolsfirst ($8B), Santa Ana, Calif., 27 branches.
