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Analyzing the Credit Unions that Expanded via SEG Additions in 2019

By Moriah Taylor - July 20, 2021

Our recent article, Analyzing Credit Unions' 2019 SEG Additions provided insight into the types of select employee groups (SEGs) federal credit unions are adding. Now, let's talk about the credit unions that are adding SEGs. It's important to note that asset size is a significant limiting factor to how much a credit union is able to expand its Field of Membership. To address this, we've split our analysis into 5 asset categories:

                                           Small: Assets less than $10 million

                                           Medium: Assets between $10 million and $50 million

                                           Large: Assets between $50 million and $100 million

                                           Extra-Large: Assets between $100 million and $1 billion

                                           Huge: Assets greater than $1 billion

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. For the sake of making these observations as relevant as possible, we chose to focus our analysis on the years 2015 through 2019. 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


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Adding Groups

Credit unions with less than $10 million in assets only added 1 to 3 SEGs on average between the years 2015 and 2019. As shown in the scatterplot, it was incredibly rare for a credit union of this size to add more than 10 SEGs to their field of membership, which makes it impressive that Empire Financial Credit Union (Jackson, NJ) managed to add 38 groups during this time.

 

 

 

 

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Adding Members

The middle 50% of the resulting field of membership expansions from these SEG additions ranged between 22 and 342 potential members. During this period, there were two small credit unions that expanded their field of membership by more than 1,000 potential members: LOCOGA Federal Credit Union (Valdosta, GA) expanded by 1,500 potential members and Ray Federal Credit Union (Kearny, AZ) expanded by 1,253 potential members.

 

 

 

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

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Medium Credit Unions


 

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Adding Groups


Credit unions with assets between $10 million and $50 million averaged 2 to 4 SEG additions during this time period. The highest number of groups added was 61 by Pinpoint Federal Credit Union (Milton, PA).

 
 
 
 
 
 
 
 
 
 
 
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Adding Members


As they averaged slightly more groups added, the medium-sized credit unions were also able to add more potential members to their fields of membership than the small credit unions. The middle 50% of members added ranged in size from 27 to 401 members and one credit union added over 2,500 members – CenturyFirst Credit Union (Hattiesburg, PA) who expanded their FOM by 2,667 potential members.

 

 

Taking these two factors into consideration, these are the top 10 “medium” credit unions that are managing to grow significantly through SEG additions:

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Large Credit Unions


 

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Credit unions with assets between $50 million and $100 million had 2 to 8 SEG additions during this time, on average. The highest number of groups added was 72 accomplished by two different credit unions: Deepwater Industries Federal Credit Union (Deepwater, NJ) and Welcome Credit Union (Morrisville, NC).

 

 

 

 

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Adding Members

The middle 50% of total potential members added ranged from 77 to 775 members. The credit union which expanded the most during this time was Cove Federal Credit Union (Edgewood, KY), who used SEG additions to increase their field of membership by 13,286 potential members.

 

 

 

 

Taking these two factors into consideration, these are the top 10 “large” credit unions that are expanding significantly compared to others their size:

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Extra-Large Credit Unions


 

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Credit unions with assets between $100 million and $1 billion had a lot more variation in the number of groups they were able to add. The median number of groups added was 8 while the mean average number of groups was 39. The standout credit unions were able to add over 400 groups, and the credit union which added the most was Service 1st Federal Credit Union (Danville, PA) who added 472 SEGs.

 

 

 

 

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Adding Groups

The extra-large credit unions also had a lot of variation in the number of potential members added to their fields of membership. The median number of members added was 801 and the average number of members added was 2,267. As can be seen in the scatterplot, there is one impressive outlier who added 36,566 potential members and that is Railroad & Industrial Federal Credit Union (Tampa Bay, FL).

 

 

 

Taking these two factors into consideration, these are the top 10 “extra-large” credit unions that are expanding impressively compared to their peers:

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Huge Credit Unions


 

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Our final category is composed of credit unions with assets amounting to over $1 billion. Due to their abundant resources, credit unions in this category were able to add many more SEGs than others. The median number of additions was 36 groups and the mean average was 248 groups. A few credit unions stick out from the rest: America First (Riverdale, UT) was able to add 5,780 groups, Empower (Syracuse, NY) added 4,624 groups, and Members 1st (Mechanicsburg, PA) added 3,559 groups.

 

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Adding Members

It also happens that the three aforementioned credit unions also added the most potential members with America First adding 137,521; Members 1st adding 131,583; and Empower adding 103,045. Another couple of standouts with member eligibility expansions are Randolph-Brooks (Live Oak, TX) who added 92,471 potential members and Mountain America (Sandy, UT) who added 86,900 potential members.

 

 

Taking these two factors into consideration, these are the top 10 “huge” credit unions that are expanding more than their comparable counterparts:

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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! Utilizing our groundbreaking geo-mapping software, we are able to push the boundaries of your field of membership eligibility further than previously thought possible. Contact us today for a no-cost growth strategy consultation.

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