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A Closer Look at Credit Unions Adding Select Employee Groups in 2020

By Moriah Taylor - August 23, 2021

Our recent article, Analyzing Credit Unions' 2020 SEG Additions provided insight into the types of Select Employee Groups (SEGs) federal credit unions have added recently. Now, let's talk about the credit unions that were able to add SEGs in the year 2020. It's important to note that asset size is a significant limiting factor as to how much a credit union is able to expand its Field of Membership. To address this, we've split our analysis into three asset categories:

                                           Small: Assets less than $100 million

                                           Medium: Assets between $100 million and $500 million

                                           Large: Assets greater than $500 million

These asset-size buckets are where we found comparable groups within the data. For each of these size ranges, we determined which credit unions had business development teams that were performing exceptionally in comparison to their available resources. We accomplished this by taking a closer look at the number of groups added and the total potential members added to their fields of membership. Asset sizes were determined by averaging the assets a credit union had at the time of their SEG additions and may not necessarily reflect the credit union's current asset size.

 

Small Credit Unions


 

Adding Groups

Credit unions with less than $100 million in assets only added one to three SEGs on average during the year 2020. Two credit unions of this size were able to add more than 10 groups: ACMG (Solvay, NY) who added 14 groups and Espeeco (Bakersfield, CA) who added 11 groups.

 

 

 

 

Adding Members

The middle 50% of the resulting field of membership expansions from these SEG additions ranged between 25 and 350 potential members. There's one credit union that greatly out-performed their peers by expanding their field of membership by 27,904 potential members and that is Clean Energy (Englewood, CO).

 

 

Taking the number and size of the SEGs into consideration, these are the top 10 “small” credit unions achieving exceptional FOM potential:

Name Headquarters Average Assets # of Groups # of Members
ACMG Solvay, NY $77,243,697 14 871
Clean Energy Englewood, CO $16,835,738 7 27,904
ElecTel Cooperative Raleigh, NC $55,650,001 1 11,000
Espeeco Bakersfield, CA $10,177,621 11 114
PRR South Fork South Fork, PA $48,449,059 8 2,267
Southcoast New Bedford, MA $52,380,483 2 3,800
St. Thomas St. Thomas, VI $73,357,331 9 168
Valex Alexandria, LA $31,128,461 9 73
Victoria Teachers Victoria, TX $15,395,515 1 5,265
Welcome Morrisville, NC $90,584,447 4 3,913

 

 

Medium Credit Unions


 

Adding Groups

Credit unions with assets between $100 million and $500 million added 3 to 12 SEGs on average during the year 2020. One credit union stood out from the rest: AOD (Bynum, AL) who added 210 groups.

 

 

 

 

Adding Members

The middle 50% of the resulting field of membership expansions from these SEG additions ranged between 155 and 2,730 potential members. There's one credit union that greatly out-performed their peers by expanding their field of membership by 6,639,325 potential members and that is Beehive (Rexburg, ID).

 

 

Taking the number and size of the SEGs into consideration, these are the top 10 “medium” credit unions achieving exceptional FOM potential:

Name Headquarters Average Assets # of Groups # of Members
AOD Bynum, AL $367,983,039 210 4,883
Beehive Rexburg, ID $375,681,469 1 6,639,325
Fort Financial Fort Wayne, IN $271,427,656 1 66,438
Meridian Trust Cheyenne, WY $463,969,706 64 6,247
Parsons Pasadena, CA $253,721,694 1 279,897
Railroad & Industrial Tampa, FL $396,799,273 74 9,000
Service 1st Danville, PA $482,534,005 95 1,154
Signature Alexandria, VA $341,447,021 3 189,337
SRI

Menlo Park, CA

$112,198,095 1 63,918
WyHy Cheyenne, WY $266,490,750 1 288,747

 

 

Large Credit Unions


 

Adding Groups

Credit unions with over $500 million in assets added nine to 32 SEGs on average during the year 2020. One credit union did particularly well at adding groups and that was Empower (Syracuse, NY) who added 909 groups throughout the year.

 

 

 

 

Adding Members

The middle 50% of the resulting field of membership expansions from these SEG additions ranged between 326 and 14,133 potential members. There's one credit union that greatly out-performed their peers by expanding their field of membership by 5,048,305 potential members and that is Notre Dame (Notre Dame, IN).

 

 

Taking the number and size of the SEGs into consideration, these are the top 10 “large” credit unions achieving exceptional FOM potential:

Name Headquarters Average Assets # of Groups # of Members
Empower Syracuse, NY $2,259,325,028 909 14,690
Evansville Teachers Evansville, IN $2,171,053,799 560 3,012
Farmers Insurance Burbank, CA $1,251,114,027 1 293,834
Franklin Mint Chadds Ford, PA $1,379,718,561 543 6,213
HawaiiUSA Honolulu, HI $1,950,033,453 415 1,315
Members 1st Mechanicsburg, PA $5,284,957,323 548 42,919
Notre Dame Notre Dame, IN $837,041,248 167 5,048,305
Sandia Laboratory Albuquerque, NM $2,871,469,896 55 294,543
SkyOne Hawthorne, CA $572,620,446 22 988,305
USF Tampa, FL $831,002,463 4 307,193

 

Expanding YOUR Field of Membership

CUCollaborate specializes in expanding fields of membership for credit unions. By streamlining the writing of SEG Applications through automation, the process has never been easier! Our groundbreaking, geo-mapping software pushes the boundaries of your field of membership further than previously thought possible. Contact us today for a no-cost, growth strategy consultation.

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