Credit unions have been more crucial for qualified members during tough economic times by providing low-interest rates and fees for financial services. In order to maintain strong member engagement in the financial projects for which crSuncoast ($16.22bn)edit unions are renowned, credit unions in the US may find that 2023 is a crucial year for them to implement the most recent financial technology. The top 10 credit unions in the US by total assets are listed below by FinTech Magazine.
10. Suncoast ($16.22bn)
Florida’s largest credit union, Suncoast, offers a range of personal, business and student credit options to its members. This includes checking, savings and retirement accounts, a range of loan options, mortgages and realty services. Founded in 1934, Suncoast extends its membership to anyone who lives, works or worships in the Floridian counties that it serves. In February 2023, the credit union announced its expansion into the Orlando market to further grow its customer base.
9. First Technology ($16.71bn)
With $16.71 billion in total assets, First Technology (First Tech) is the third-largest credit union in California. Along with its range of conventional services, which include credit cards, commercial real estate lending, consumer and mortgage loans, student loans, and investment services, First Tech also offers financial services for businesses through its alliances with tech firms. These include, among others, Hewlett Packard Enterprises, Intel, Amazon, Google, and Microsoft. Forbes’ Top Women Wealth Advisors Best-In-State list for 2023 included five financial advisors from First Tech’s financial services subsidiary, Addison Avenue Investment Services.
8. America First Credit Union ($17.39bn)
Financial services provided by America First Credit Union include checking and savings accounts, regular and Roth IRAs, Visa debit cards, and investment opportunities. The Riverdale-based credit union, which was established in 1939, increased its overall earnings for 2022 to $821 million from $749.1 million for 2021. Its total assets increased year over year from $16.83 billion in 2021 to $17.39 billion in 2022. The credit union declared that as part of its charitable giving, it would provide $50,000 in college scholarships in April 2023.
7. Golden 1 Credit Union ($18.48bn)
Golden 1 Credit Union, established in Sacramento and with 1.1 million members throughout California, has 72 locations and a number of home financing centers. The credit union provides a range of no- to low-fee financial products with higher savings yields and lower interest rates. Golden 1 Credit Union offers free mobile and internet banking services in addition to its financial services, which include checking accounts, savings products, loans, and bank cards, and has more than 30,000 free-to-use ATMs. It last reported receiving $16.5 billion in deposits from its 1 million users.
6. Alliant Credit Union ($18.74bn)
With $18.74 billion in total assets, Chicago-based Alliant Credit Union can claim to be the largest in Illinois. The credit union’s 700,000+ members together deposited $13.2 billion as of the most recent report. Alliant Credit Union was started by a small group of Alliance Airline employees and currently provides services to a number of qualified organizations, including those who are a part of the Foster Care to Success network. The Alliant Credit Union Foundation, a separate nonprofit organization affiliated with the credit union, has a board of directors made up of members of the credit union.
5. SchoolsFirst Federal Credit Union ($28.16bn)
Based in Tustin, California, SchoolsFirst federal credit union offers personal services to California school employees and their families. It is California’s largest credit union by asset size. Established in 1934, SchoolsFirst now boasts over 1.2mn members and offers investment and retirement solutions, auto and personal loans as well as mortgages, debit and credit cards. The credit union also offers a range of financial education workshops and money-saving tips, including credit report reviews, debt & budget coaching and student loan counselling.
4. Boeing Employees ($28.78bn)
Boeing Employees (BECU), a non-profit financial cooperative, has the greatest asset base of any Washington-area credit union at $28.78 billion. With 1.3 million members, BECU provides access to ATMs both from its own sites and through the CO-OP network. The 1935-founded credit union provides a number of financial services, such as loans, checking and savings accounts, online and mobile banking, as well as home and renters insurance through its affiliation with MetLife. In the Snohomish and King counties of Washington State, BECU unveiled two new sites in April 2023.
3. Pentagon Federal ($35.53bn)
Pentagon Federal (PenFed), which ranks third among the top 10 US credit unions by asset size, currently has more than 2.6 million active members. The Virginia-based Navy Federal Credit Union and the Texas-based Bank of America Military Bank compete with PenFed, which is situated in Virginia. The National Credit Union Association provides federal insurance for PenFed, a certified fair housing lender. The credit union last reported $25 billion in deposits and $10.4 billion in equity capital along with its $35.53 billion in assets.
2. State Employees’ Credit Union ($50.97bn)
State Employees’ Credit Union (SECU), which was established in North Carolina, is one of the biggest US credit unions by asset size at $50.97 billion. The credit union’s annual capital of $4.95 billion for the whole 2022 reflected an increase of 14% from the previous year. In its 274 branches, SECU, which has more than 2.6 million customers across North Carolina’s 100 counties, provides share, investment, and deposit accounts as well as loans, mortgages, and home equity lines of credit. The credit union also provides consulting services, such as financial counseling and estate and retirement planning. The union is involved in many charitable endeavors; most recently, it sponsored a financial literacy program at Charlotte-Mecklenburg County Schools.
1. Navy Federal Credit Union (US$156.65bn)
With a massive total asset size of $156.65 billion, Virginia-based Navy Federal Credit Union (NFCU) wins the title of both the largest credit union in the US and the globe. NFCU, a financial organization serving the military, gives active-duty and retired military members discounted auto rates and fees. The union, which offers a variety of financial services such consumer and mortgage financing, vehicle loans, mortgage repayments, and student loans, has over 350 operational branches and 12 million active members as of 2023. NFCU reported a total of $110 billion in loans, $133 billion in deposits, and $14.1 billion in members’ equity as of December 2022. NFCU received recognition as one of Fortune magazine’s 100 Best Companies to Work For in April 2023.
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