Credit union data released this week by the Credit Union Institute show that the nation’s largest credit union, the Community First Credit Union, was the fastest growing, earning a record $1.5 billion in revenue in the second quarter.
The credit union’s total assets grew by $1 billion, bringing its total assets to $16.3 billion, while its net assets grew $1 million.
Its assets grew as well, growing by $700 million, bringing total assets up to $19.7 billion.
Its net assets increased by $150 million, and its assets grew slightly.
In the quarter, the credit union increased the number of branches and branches added, while it grew the number and type of services it provides, as well as the number, type and scope of products and services it offers.
Its assets also increased.
Community First Credit Unions assets grew at a faster rate than its revenue, up by $100 million in the third quarter, to $14.7 million.
Its net assets were up by another $200 million, to a record of $20.9 billion.
Its overall assets grew, too, by $3.9 million, or $3,000 per branch.
The National Association of Community Credit Union Board President, Ron Rocha, says Community First’s growth is “unprecedented.”
“The growth is unprecedented.
I’ve been in the industry for over 30 years and I’ve never seen anything like it,” Rochas said.
“There are a lot of great things that we have to build on here, and we have great growth potential.”
The National Credit Union Administration says Community first has the highest number of new credit union branches and branch additions in the nation, and the largest growth in credit union assets.
It says it’s been adding more branches and increasing the number offered.
For more on Community First, click here:Community First is one of the fastest-growing credit unions in the country, growing revenue by $7.3 million in Q2.
In the third quarters 2016-17, Community First grew $4.3 of the $2.5 million it earned from branches and the branch additions it announced in Q1.
Rochas says the credit unions revenue growth was due to the expansion of credit union services, and that more people are joining the credit Union as the credit growth has slowed.
He says Community second is doing even better, growing revenues by $6.2 million, up $700,000, in the quarter.
But he says credit unions are seeing a slowing in credit growth because they’ve had to hire more employees and they have to cut back on services.
In its Q3 financial statement, Community second said it was also seeing a slowdown in credit card activity.
Community first says its credit card growth was “significantly higher” than the average credit card.