Where the Branches Are
Published August 26, 2015 4:00 PM
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Updated June 1, 2021 1:22 PM
1 Min Read
SNL Financial looked at which states had the biggest jump in net branch growth (more branches opened than closed). Due to a five-way tie for fourth place and a four-way tie for fifth place, the "top five" actually comprises 12 states. SNL said its ranking was based on net openings/closings from Jan. 1, 2015 to July 30, 2015. The ranking was limited to credit union branches that take deposits and excludes ATMs, mortgage offices and loan production offices.
Arkansas
One of four states to lay claim to fifth place, Arkansas had a net growth of three branches in 2015, so far. It had a net loss of one and two in 2014 and 2013, respectively. In 2012, there were was no net growth in the number of branches. The state currently has a total of 130 branches.
Illinois
Also coming in fifth place was Illinois, with a net growth of three branches in 2015, but that followed three straight years of net losses: 19 in 2014, 14 in 2013 and 10 in 2012. Illinois boasts 669 total branches.
Maryland
Maryland also saw a net growth of three branches in 2015, down from six new branches in 2014. But that was preceded by two years of losses: five in 2013 and 3 in 2012. The state has a total of 306 branches.
North Carolina
Rounding out the tie for fifth place is North Carolina, with a net growth of three branches in 2015 and one in 2014. The previous two years saw losses: five in 2013 and 1 in 2012. The state has 775 branches total.
Iowa
Iowa is one of five states that have had four net new branches in 2015. The Hawkeye State saw net growth of three branches in 2014 but lost one in 2013 and three in 2012. The state has 322 total branches.
Kentucky
Kentucky also has experienced net growth of four branches so far this year, and is one of the few states that hasn't posted a net loss in the last four years, growing by one in 2014, two in 2013 and then no loss or gain in 2012. The state has 222 branches.
Mississippi
Another state that has posted no net loss in branches since 2012 is Mississippi, with a gain of four so far in 2015, five in 2014, and no gain or loss in 2013 and 2012. The Magnolia State boasts 192 branches.
Texas
Texas weighs in with four net new branches so far in 2015 and almost double that in 2014, when the Lone Star State opened seven net new branches. That was preceded by modest losses of 2 branches in both 2013 and 2012. Not surprisingly, Texas boasts the greatest number of total branches at 1,632.
Virginia
Rounding out the five-way tie for fourth place, Virginia saw four net new branches in 2015 but posted a whopping 14 net new branches in 2014. That was preceded by two years of net losses: six in 2013 and 2 in 2012.
Michigan
In third place is Michigan, opening five net new branches in 2015, so far, but losing two in 2014 and 2013 and posting no net change in 2012. The Wolverine State has 1,026 total branches.
Florida
Florida takes second place, opening six net new branches in 2015 so far, but also adding a prodigious 18 net new branches in 2014. The Sunshine State lost three branches in 2013 but gained five in 2012 and has 1,000 total branches.
Minnesota
Coming in at No. 1 is Minnesota, posting a net gain of eight branches in 2015 so far. It also had a net gain of just one branch in 2014, after posting a net loss of one in both 2013 and 2012. The Land of 10,000 Lakes has 395 total branches.
CUs Adding New Branches as Bank Branches Decline: SNL
Perhaps the most interesting of SNLs findings is that even as the number of credit unions is on the decline, the total number of branches has grown over the last two years, while the number of bank branches has fallen. Read more about it here .
