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Number of Credit Unions Falling

7,691 federally insured credit unions as of June 30

September 28, 2009

By MortgageDaily.com staff


As the number of federally insured credit unions has diminished, the assets, first mortgage holdings and deposits held by the remaining group have surged. Mortgage delinquency continued to deteriorate and was highest at the smallest institutions.

As of June, there were 4,783 federal credit unions, the National Credit Union Administration reported Friday. Credit union count was off from 4,847 last year.

The count had been as high as 5,572 in 2004.

State credit unions -- which had numbered as many as 3,442 in 2004 -- stood at just 2,908 in June, down from 2,959 in 2008.

The NCUA has seized seven credit unions so far this year. In addition, two corporate credit unions have failed.

Nearly 3,100 of U.S. credit unions had less than $10 million in assets, while 3,244 had assets between $10 million and $20 million, 1,010 had assets between $100 million and $500 million, and just 348 had more than $500 million in assets.

Despite the declining number of credit unions, assets held by the remaining institutions rose to $870.1 billion in June from $811.2 billion in December.

First mortgage holdings increased to $214.7 billion in June from $208.0 billion. "Other real estate" assets fell, however, to $93.5 billion from $96.5 billion.

Total mortgage delinquency of at least 60 days ended June at 1.62 percent, rising from 1.20 percent last year.

Overall loan delinquency was higher at smaller credit unions, with institutions that are under $10 million in assets at 2.56 percent and institutions above $500 million at just 1.56 percent.

Meanwhile, total shares and deposits climbed to $735.5 billion from just $681.1 billion in 2008.

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