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Credit union branch growth slows in Q3, Chicago's Alliant closes 9

U.S. credit unions added only two new branches in the third quarter, down from 11 net openings in the second quarter.

As of Sept. 30, there were 21,254 active credit union branches in the U.S., up 47 year over year.

Chicago-based Alliant CU closed nine of its branches during the third quarter, the most of any credit union, and closed another branch on Oct. 3. The company is now operating with only two active branches and only one of these is open to the public as it continues its transition toward digital banking, according to the company's website. The company is also considering M&A as a growth strategy, including buying a bank.

Chubbuck, Idaho-based Idaho Central CU; Lathrup Village, Mich.-based Michigan First CU and Endicott, N.Y.-based Visions FCU each added three net branches during the quarter, leading the country.

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At the state level, Michigan led with six net openings during the quarter. Over the last 12 months, a net 17 branches have been opened in the state.

On the other hand, California lost eight branches during the third quarter, five of which were Alliant branches.

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