Credit Unions Are Growing In The UK But Still A Long Way To Catch Up With USA

20th June 2021

The history of credit unions in USA has been one of growth over many years.

The public in many states seem to have moved in greater numbers and saved even more with their local credit union. Credit Unions in the USA come in many sizes and some are so big they are now buying banks. Have people in the USA become fed up with banks following the crash in 2008?

Whatever the reason savings in USA have built up at an increasing rate with confidence in credit unions higher than ever.

Lake Michigan Credit Union was founded in 1933 to serve teachers in Grand Rapids and has grown into a 500,000-member, $11 billion-asset (counting Pilot) institution focused on residential and consumer lending. The $656 million-asset Pilot Bank launched in 1987 and has a strong concentration on aircraft financing and Small Business Administration loans.

Credit unions in USA bought 16 banks in 2019, marking a peak for the trend, which had seen nine a year earlier.

Michigan Credit Union aims to buy a Florida Bank

 

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