Money Largest Credit Unions in the U.S. - Credit Union Statistics
Credit unions provide an alternative to banks for people looking for products like savings accounts and loans, offering personalized and member-focused services.
This article looks into the latest data on U.S. credit unions including the largest credit unions, total assets, number of members, and how credit union statistics have changed over time.
Key statistics
- There are 4,455 federally insured credit unions in the U.S. as of December 2024, a decline of 29% from 6,273 in 2014.
- The Navy Federal Credit Union is the largest credit union in the U.S. with total assets of $180.8 billion and the most members at 14.3 million, accounting for around 10% of all credit union members nationally.
- U.S. credit unions have combined total assets of $2.31 trillion as of Q4 2024, up from $2.25 trillion in 2023.
- The number of credit union members in the U.S. has steadily increased over the past decade, with 142.3 million members as of 2024 (up from 99.2 million in 2014).
- Texas has the most credit unions in the U.S. with 392 in total, making up 8.7% of all credit unions nationally.
- The average outstanding loan balance at U.S. credit unions was $18,410 as of Q4 2024 (a 2.7% increase compared to Q4 of 2023).
What is a credit union?
A credit union is a non-profit financial institution that accepts deposits, issues loans, and offers a number of other financial products and services. They are owned and controlled by members and managed by member-elected volunteer boards of directors.
As all credit unions are not-for-profit organizations, their operations prioritize the well-being of their members, and any profits made are returned to members via reduced fees, lower loan rates, and higher savings rates. [1] My Credit Union, “What is a Credit Union?” https://mycreditunion.gov/about/what-credit-union
Number of credit unions in the U.S.
As of December 2024, there are 4,455 federally insured credit unions in the U.S. This number has steadily declined each year since Q4 of 2014 when there were 6,273 credit unions (a total decline of 29%). However, the total assets and the number of credit union members have steadily increased during this period.
| Year (Q4) | Number of credit unions | Total assets ($ billions) | Number of members (millions) |
|---|---|---|---|
| 2014 | 6,273 | 1,122.10 | 99.2 |
| 2015 | 6,021 | 1,204.30 | 102.7 |
| 2016 | 5,785 | 1,292.50 | 106.8 |
| 2017 | 5,573 | 1,378.80 | 111.3 |
| 2018 | 5,375 | 1,453.40 | 116.2 |
| 2019 | 5,236 | 1,566.70 | 120.4 |
| 2020 | 5,099 | 1,844.50 | 124.3 |
| 2021 | 4,942 | 2,060.30 | 129.5 |
| 2022 | 4,760 | 2,167.70 | 135.2 |
| 2023 | 4,604 | 2,255.70 | 139.3 |
| 2024 | 4,455 | 2,307.60 | 142.3 |
Source [2] NCUA, “Quarterly Credit Union Data Summary” https://ncua.gov/files/publications/analysis/quarterly-data-summary-2024-Q4.pdf
Total assets of credit unions in the U.S.
Data from the NCUA shows that, as of Q4 2024, credit unions in the U.S. had combined assets of $2.31 trillion, an increase from $2.25 trillion in Q4 of 2023. [2] NCUA, “Quarterly Credit Union Data Summary” https://ncua.gov/files/publications/analysis/quarterly-data-summary-2024-Q4.pdf However, based on the BLS CPI Inflation Calculator, this figure has only increased by the rate of inflation. [3] BLS, “CPI Inflation Calculator” https://www.bls.gov/data/inflation_calculator.htm
The total loans outstanding increased by 2.6% YoY to $1.65 trillion in Q4 of 2024, and the average outstanding loan balance was $18,410 (a 2.7% increase compared to Q4 of 2023). [2] NCUA, “Quarterly Credit Union Data Summary” https://ncua.gov/files/publications/analysis/quarterly-data-summary-2024-Q4.pdf
Number of credit union members in the U.S.
Although the total number of credit unions has declined since 2014, the number of members has steadily increased. In Q4 2024 there were 142.3 million credit union members in the U.S., a 2.2% increase YoY, and a 43.4% increase from Q4 2014 (99.2 million members). [2] NCUA, “Quarterly Credit Union Data Summary” https://ncua.gov/files/publications/analysis/quarterly-data-summary-2024-Q4.pdf
The Navy Federal Credit Union has the most members with 14.2 million, accounting for around 10% of all credit union members nationally. [4] NCUA, “Navy Federal Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/5536
According to Kiplinger, credit unions often have lower interest rates than banks due to them being member-owned and now paying out to shareholders. This could explain why the number of credit union members has increased in recent years, even though the number of credit unions has decreased. [5] Kiplinger, “Why Are More People Using Small Banks and Credit Unions?” https://www.kiplinger.com/personal-finance/banking/more-people-are-using-small-banks-and-credit-unions
Largest credit unions in the U.S.
Below is a list of the 20 largest credit unions in the U.S. ranked by their total assets as of December 2024. Read on for more details about the biggest credit unions.
| Rank | Credit Union | Total Assets | Total Members | State |
|---|---|---|---|---|
| Rank 1 | Credit Union NAVY FEDERAL CREDIT UNION | Total Assets $180,813,031,049 | Total Members 14,266,170 | State Virginia |
| Rank 2 | Credit Union STATE EMPLOYEES' | Total Assets $52,987,314,229 | Total Members 2,846,170 | State North Carolina |
| Rank 3 | Credit Union SCHOOLSFIRST | Total Assets $31,926,537,828 | Total Members 1,456,953 | State California |
| Rank 4 | Credit Union PENTAGON | Total Assets $31,010,251,746 | Total Members 2,833,403 | State Virginia |
| Rank 5 | Credit Union BOEING EMPLOYEES | Total Assets $29,352,686,763 | Total Members 1,514,773 | State Washington |
| Rank 6 | Credit Union AMERICA FIRST | Total Assets $21,737,352,420 | Total Members 1,489,089 | State Utah |
| Rank 7 | Credit Union MOUNTAIN AMERICA | Total Assets $20,205,566,939 | Total Members 1,322,892 | State Utah |
| Rank 8 | Credit Union THE GOLDEN 1 | Total Assets $19,609,426,722 | Total Members 1,141,377 | State California |
| Rank 9 | Credit Union ALLIANT | Total Assets $19,539,151,844 | Total Members 901,055 | State Illinois |
| Rank 10 | Credit Union RANDOLPH-BROOKS | Total Assets $17,955,211,987 | Total Members 1,173,479 | State Texas |
| Rank 11 | Credit Union SUNCOAST | Total Assets $17,839,722,691 | Total Members 1,272,024 | State Florida |
| Rank 12 | Credit Union FIRST TECHNOLOGY | Total Assets $17,373,578,853 | Total Members 696,045 | State California |
| Rank 13 | Credit Union LAKE MICHIGAN | Total Assets $14,527,369,395 | Total Members 499,044 | State Michigan |
| Rank 14 | Credit Union VYSTAR | Total Assets $13,974,902,170 | Total Members 1,006,733 | State Florida |
| Rank 15 | Credit Union SECURITY SERVICE | Total Assets $13,710,095,590 | Total Members 749,576 | State Texas |
| Rank 16 | Credit Union FOURLEAF | Total Assets $13,371,669,759 | Total Members 484,638 | State New York |
| Rank 17 | Credit Union DIGITAL | Total Assets $12,642,183,330 | Total Members 1,153,182 | State Massachusetts |
| Rank 18 | Credit Union IDAHO CENTRAL | Total Assets $12,120,188,554 | Total Members 671,689 | State Idaho |
| Rank 19 | Credit Union GLOBAL | Total Assets $11,481,948,321 | Total Members 768,993 | State Alaska |
| Rank 20 | Credit Union GREENSTATE | Total Assets $10,640,946,533 | Total Members 451,126 | State Iowa |
Source [6] NCUA, “Custom Query” https://webapps.ncua.gov/CustomQuery/ (Data download) Data correct as of December 2024
Navy Federal Credit Union
The largest credit union in the U.S. is the Navy Federal Credit Union (NFCU) with total assets of over $180 billion as of December 2024. This credit union exclusively serves the military, veterans, and their families. [7] Navy Federal Credit Union, “About Us” https://www.navyfederal.org/about.html
- Charter year: 1947
- Total assets: $180,813,031,049
- Field of membership: Military
- Number of members: 14,266,170
- Number of branches: 367
- Headquarters: Vienna, Virginia
Source [4] NCUA, “Navy Federal Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/5536
State Employees’
The State Employees’ Credit Union (SECU) is the second largest in the U.S. with total assets of over $52 billion. Based in North Carolina, SECU was founded in 1937 and serves State employees of North Carolina, related federal agencies and departments, and their family members. [8] NCSECU, “Join SECU” https://www.ncsecu.org/join.html
- Charter year: 1937
- Total assets: $52,987,314,229
- Field of membership: Non-Federal
- Number of members: 2,846,170
- Number of branches: 275
- Headquarters: Raleigh, North Carolina
Source [9] NCUA, “State Employees Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/66310
SchoolsFirst
The SchoolsFirst Federal Credit Union was chartered in 1985 and is based in Tustin California, with total assets of over $31 billion. This credit union is available to current or retired employees of eligible schools, their immediate family members, college students enrolled in eligible programs, and employees of related companies. [10] SchoolsFirst FCU, “How to Join” https://www.schoolsfirstfcu.org/join/become-a-member/how-to-join/
- Charter year: 1985
- Total assets: $31,926,537,828
- Field of membership: Educational
- Number of members: 1,456,953
- Number of branches: 68
- Headquarters: Tustin, California
Source [11] NCUA, “SchoolsFirst Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/24212
PenFed Credit Union
Pentagon Federal Credit Union (PenFed) was established in 1935 and has over $31 billion in assets. Unlike some other credit unions, anyone is eligible to apply, and membership is not limited to specific groups. [12] PenFed, “Member Benefits” https://www.penfed.org/member-benefits
- Charter year: 1935
- Total assets: $31,010,251,746
- Field of membership: Multiple common bond - primarily military
- Number of members: 2,833,403
- Number of branches: 39
- Headquarters: McLean, Virginia
Source [13] NCUA, “PenFed Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/227
Boeing Employees
The Boeing Employees Credit Union (BECU) was established in 1935 with headquarters in Tukwila Washington, and is the fifth-largest credit union in the U.S. with over $29 billion in assets. It is a non-federal credit union and anyone who lives, works, or goes to school in Washington state is eligible for membership. [14] BECU, “Become a Member” https://www.becu.org/open-credit-union-account-online
- Charter year: 1935
- Total assets: $29,352,686,763
- Field of membership: Non-federal credit union
- Number of members: 1,514,773
- Number of branches: 65
- Headquarters: Tukwila, Washington
Source [15] NCUA, “Boeing Employees Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/62604
Credit unions by state
Of the 4,455 credit unions in the U.S., Texas has the most of any state, with 392 credit unions based here. This is followed by Pennsylvania with 296 credit unions, and New York with 278.
The largest credit union in Texas by total assets is Randolph-Brooks with $17.9 billion in assets, and the Security Service credit union is second in Texas with $13.7 billion in total assets.
Source [6] NCUA, “Custom Query” https://webapps.ncua.gov/CustomQuery/ Data correct as of December 2024.
Data note: The NCUA includes data from the Virgin Islands, Puerto Rico, and Guam which are U.S. territories rather than states.
Credit union FAQs
What is the difference between a bank and a credit union?
Credit unions differ from banks for a number of reasons. While both offer similar services such as savings accounts and loans, credit unions are more member-focused and not-for-profit, while banks are usually for-profit and are owned by shareholders who expect to earn dividends.
Banks are open to the general public, but credit unions often have membership requirements that help them personalize their services to their community of members. Some credit unions require you to live or work in a particular state, have a certain profession, or be related to another member.
Credit unions are regulated by the National Credit Union Administration (NCUA) which is a federal agency. The NCUA supervises credit unions and insures them to make sure credit union members’ deposits are protected up to a certain limit.
Banks are regulated by different federal agencies, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). The FDIC provides deposit insurance to protect bank deposits up to a limit, similar to the NCUA for credit unions. [16] Credit Union 1, “What’s the Difference Between a Credit Union and a Bank” https://www.creditunion1.org/learn/cu1-education/whats-the-difference-between-a-credit-union-and-a-bank/
How do you join a credit union?
Credit unions typically have different membership requirements. According to the NCUA, there are three types of federal credit union charters: single common bond (one occupational or associational group), multiple common bond (multiple groups), and community. Each type of credit union has a common bond requirement for people who want to join:
- Occupational - Members must work for the same employer or in the same line of work
- Associational - Members must belong to a particular church; professional, civic or fraternal group, or labor union
- Community - Members must live, work, worship, or attend school in the same geographic area
These common bonds are referred to as a credit union’s field of membership (FOM). Each credit union must have a FOM that is permitted by law and membership to the credit union is limited to people within this group. Other members may qualify through their close relationship with another member, such as their immediate family. [17] NCUA, “Choose a Field of Membership” https://ncua.gov/regulation-supervision/manuals-guides/federal-credit-union-charter-application-guide/phase-1/choose-field-membership
What services do credit unions offer?
Credit unions provide a number of financial products and services to their members, similar to the products that banks offer their customers. Some of these services can include:
- Checking accounts
- Savings accounts
- Loans for homes, vehicles, and other consumer needs
- Online and mobile banking
Source [18] My Credit Union, “Credit Union Accounts and Services” https://mycreditunion.gov/manage-your-money/credit-union-accounts-services
Methodology
Data on the number of credit unions, total assets, and state-level figures were collected and downloaded from the National Credit Union Administration (NCUA) using their Credit Union Custom Query tool in March 2025. The latest data available to download was from December 2024.
Sources
- [1] My Credit Union, “What is a Credit Union?” https://mycreditunion.gov/about/what-credit-union
- [2] NCUA, “Quarterly Credit Union Data Summary” https://ncua.gov/files/publications/analysis/quarterly-data-summary-2024-Q4.pdf
- [3] BLS, “CPI Inflation Calculator” https://www.bls.gov/data/inflation_calculator.htm
- [4] NCUA, “Navy Federal Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/5536
- [5] Kiplinger, “Why Are More People Using Small Banks and Credit Unions?” https://www.kiplinger.com/personal-finance/banking/more-people-are-using-small-banks-and-credit-unions
- [6] NCUA, “Custom Query” https://webapps.ncua.gov/CustomQuery/
- [7] Navy Federal Credit Union, “About Us” https://www.navyfederal.org/about.html
- [8] NCSECU, “Join SECU” https://www.ncsecu.org/join.html
- [9] NCUA, “State Employees Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/66310
- [10] SchoolsFirst FCU, “How to Join” https://www.schoolsfirstfcu.org/join/become-a-member/how-to-join/
- [11] NCUA, “SchoolsFirst Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/24212
- [12] PenFed, “Member Benefits” https://www.penfed.org/member-benefits
- [13] NCUA, “PenFed Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/227
- [14] BECU, “Become a Member” https://www.becu.org/open-credit-union-account-online
- [15] NCUA, “Boeing Employees Credit Union Details” https://mapping.ncua.gov/CreditUnionDetails/62604
- [16] Credit Union 1, “What’s the Difference Between a Credit Union and a Bank” https://www.creditunion1.org/learn/cu1-education/whats-the-difference-between-a-credit-union-and-a-bank/
- [17] NCUA, “Choose a Field of Membership” https://ncua.gov/regulation-supervision/manuals-guides/federal-credit-union-charter-application-guide/phase-1/choose-field-membership
- [18] My Credit Union, “Credit Union Accounts and Services” https://mycreditunion.gov/manage-your-money/credit-union-accounts-services
