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US credit union employment up 25% in 10 years

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US credit union employment up 25% in 10 years

The number of full-time equivalent employees at U.S. credit unions was just shy of 290,000 as of Sept. 30, up 3.9% year over year and 24.9% since the third quarter of 2007.

Meanwhile, employment at U.S. banks and thrifts has decreased by 6.3% over the last 10 years but still remains much larger at 2.1 million full-time equivalent employees.

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Salary and benefit trends have been converging at banks and credit unions. The median salary and benefits expenses at all U.S. credit unions was 1.70% of average assets, while it was 1.57% at banks for the year ended Sept. 30.

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Vienna, Va.-based Navy FCU, the largest credit union by assets, reported 14,809 full-time equivalent employees at the close of the third quarter, more than twice the amount at the second-largest credit union, Raleigh N.C.-based State Employees' CU.

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Credit unions with over $3 billion in assets reported a median annualized salary expense of $85,000 per full-time employee during the third quarter, versus $68,000 for credit unions between $100 million and $3 billion in assets and $52,000 for credit unions with less than $100 million in assets.

The largest credit unions do enjoy economies of scale, though. For credit unions above $3 billion in assets, the median member-to-employee ratio was 423 and salary and benefits accounted for only 27.94% of gross income. At the smallest credit unions, those below $100 million in assets, the median member-to-employee ratio was 396 and employee expenses equaled 38.46% of gross income in the third quarter.

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