Washington credit unions see record growth
Four out of 10 state residents now belong to credit unions
December 3, 2009
Washington credit unions, including STCU, are seeing record numbers of new members, the Washington Credit Union League reports.
State credit unions gained more new members in the third quarter of 2009 than in any previous quarter. For STCU, it is part of a longer trend that has seen the credit union’s membership grow by more than 10 percent over the past year.
The growth of credit unions has not gone unnoticed as the nation works through a recession and collapse of some major financial institutions. Among this year’s media reports about the phenomenon was a Wall Street Journal story that called credit unions "unexciting," "solid," and "reliable."
"Nothing could make me happier than seeing those words applied to my industry," said Steve Dahlstrom, president and CEO of STCU. "I happen to think that people have had enough excitement from America’s financial institutions."
Credit unions are not-for-profit financial institutions celebrating a century of helping average Americans borrow and save at reasonable rates.
A record 173,464 people joined Washington’s 119 credit unions during the third quarter of 2009.* That brings statewide membership to nearly 2.8 million, or 42 percent of state residents, the Washington Credit Union League reports.
STCU saw a record 4,137 new members in the third quarter, ending September 30, 2009. It was the first time the number had topped 4,000. In four of the last five quarters, the number of new members has exceeded 3,000.
Even after removing inactive accounts from the membership roles – something financial institution do regularly – STCU still saw more than 10 percent membership growth in the past year.
STCU now has more than 85,000 members and total assets of more than $1.3 billion. It is the third largest credit union in the state, the largest based in Eastern Washington, and among the top 2 percent of credit unions nationwide.
Many of this year’s new members have financed – or refinanced – homes through STCU. The credit union funded a record 400 mortgages worth more than $68 million during the first quarter of 2009. That compared with 306 loans for $51 million during the first quarter of 2008 – also a record.
Founded in 1934 by – and for – Spokane Public Schools employees, STCU later opened its membership to non-educators. For four consecutive years, it has been named Best Financial Institution by readers of The Inlander.
To assure that its members continue receiving world-class service, STCU this year opened a Northtown Square Branch in Spokane, and Bonner County Branch in Idaho. That makes a total of 14 branch locations in Eastern Washington and North Idaho.
With nearly half its members conducting transactions online each month, the credit union also is making technology investments. STCU billpay was upgraded in November. The credit union will convert to a new online banking platform in April.
In addition, STCU is one of three credit unions nationwide selected for a new core computer system, which will go live in November 2010. Making that conversion is a major project that will give STCU increased flexibility and efficiency, to serve members even better.
* Source: Callahan & Associates, a Washington, DC-based firm specializing in financial publications, software development, strategic planning, and investment management for credit unions.
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