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Credit union branches increase in Q2'16

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Credit union branches increase in Q2'16

U.S. credit unions opened 29 more branches than were closed duringthe second quarter of 2016, according to SNL data. A total of 110 branches wereopened during the period, while 81 closed. As of June 30, there were 21,185 branchesin the U.S., up 74 from a year earlier.

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The nation's largest credit union, Vienna, Va.-based , rankedfirst with seven openings and no closings for the quarter ended June 30. The companyadded a total of 24 new branches during the last 12 months while closing only two.

Anchorage, Alaska-based AlaskaUSA Federal Credit Union and Jackson, Miss.-based Hope Federal Credit Union followed with three net openingseach during the second quarter, and five each for the last 12 months. A handfulof companies ended the period with two net openings.

Four credit unions ended the second quarter with three net closings:Moon Township, Pa.-based ClearviewFederal Credit Union; Augusta, Ga.-based Health Center Credit Union; Parma, Ohio-based ; and Bloomington,Ill.-based State Farm Federal CreditUnion.

On April 5, the National Credit Union Administration six federal credit unionsin the Philadelphia area, including Bensalem, Pa.-based Servco Federal Credit Union with two branches, after determiningthey were insolvent. The other five credit unions each had a single branch.

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With nine openings and one closing during the quarter, Michiganhad the most net openings during the quarter. Texas was next with seven net openings– 13 openings and six closings. Texas added 46 new branches while 31 closed duringthe last 12 months, according to SNL data. Pennsylvania had the most net closingsduring the quarter, with eight, followed by Ohio with seven.

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Click here to access a template for credit union branch openings and closings for a specified period.

Click here to view U.S. summary demographic data.