During times of economic hardships and financial challenges, credit unions have become increasingly important in offering a wide range of financial services to eligible members.
These services include loans, savings accounts, and other financial products with competitive interest rates and minimal fees. As the landscape of banking continues to evolve with the integration of advanced financial technology, it is anticipated that the year 2024 will be a pivotal moment for credit unions in the United States. In order to sustain and enhance their reputation for exceptional financial initiatives, credit unions will need to embrace and adopt the latest technological advancements.
To give you an idea of the prominent players in the credit union industry in the United States, here is a list of the largest credit unions operating in the country.
1. Navy Federal Credit Union
Assets: $166 billion
Headquarters located at: Vienna, Virginia
Navy Federal, which is recognized as the largest credit union in the United States, operates an extensive network of more than 300 branches, which is comparable in size to some of the largest banks in the country. With a strong focus on serving the Northeast region, Navy Federal takes pride in its impressive membership base, which exceeds 12 million individuals. In terms of financial strength, this credit union holds an impressive $144 billion in deposits.
One of the key factors contributing to the success of Navy Federal is its ability to provide a wide array of financial products and services to its members. These offerings include not only traditional checking and savings accounts, but also credit cards and auto loans, ensuring that members have access to a comprehensive range of financial solutions.
Becoming a member of Navy Federal is a straightforward process. In order to join, individuals must have a connection to the armed forces, the U.S. Department of Defense, or the National Guard. Additionally, the credit union extends membership eligibility to family or household members of those who meet these criteria. By offering such inclusive membership requirements, Navy Federal aims to provide financial services to as many individuals as possible, ensuring that all eligible individuals can benefit from its offerings.
2. State Employees’ Credit Union
Assets: $50.8 billion
Headquarters located at: Raleigh, North Carolina
State Employees’ Credit Union, established in 1937, is the second largest credit union in the United States. With a rich history spanning over 80 years, State Employees’ Credit Union has become a trusted financial institution for millions of individuals in North Carolina.
The credit union operates exclusively in the state of North Carolina, where it proudly serves its members through a vast network of over 250 branches conveniently located throughout the state. This extensive branch network ensures that members have easy access to their accounts and a wide range of financial services. With a strong focus on community, State Employees’ Credit Union has not only provided financial services but has also actively contributed to the development and growth of the local community. Through various initiatives and programs, the credit union has supported local businesses, sponsored community events, and provided scholarships to deserving students.
Membership is primarily available to employees and their families residing in North Carolina, ensuring that the credit union remains deeply connected to the local community and its valued members. State Employees’ Credit Union takes pride in its close relationship with its members, understanding their unique financial goals and offering tailored solutions to meet their needs.
3. Pentagon Federal Credit Union
Assets: $35.3 billion
Headquarters located at: McLean, Virginia
Despite being the third largest credit union in terms of total assets, Pentagon Federal (also known as PenFed) is second in terms of the number of customers, with over 2.9 million members. This significant customer base is a testament to the trust and satisfaction that people have in PenFed’s services.
With deposits amounting to nearly $29 billion, PenFed has established itself as a reliable and trustworthy financial institution. It offers a wide range of financial products to cater to the diverse needs of its members. These products include certificates of deposit (CDs), money market accounts, checking accounts, and savings accounts. By providing such a comprehensive suite of offerings, PenFed ensures that its members have access to the financial tools they need to manage their money effectively.
Despite having a modest number of branches, with just 56 locations spread across the U.S., PenFed embraces a philosophy of inclusivity and welcomes anyone to become a member. This open membership policy allows individuals from all walks of life to benefit from PenFed’s exceptional services and expertise.
4. Boeing Employees Credit Union
Assets: $28.9 billion
Headquarters located at: Tukwila, Washington
Boeing Employees’ Credit Union, headquartered in the beautiful Northwest region of the United States, is widely recognized and esteemed as the largest credit union in Washington state. With its strong and growing membership base, which currently stands at an impressive 1.4 million individuals, the credit union has consistently demonstrated its ability to serve the financial needs of a diverse range of members. In fact, its dedication to inclusivity is evident in the fact that membership is open to anyone residing, working, or engaging in worship activities in Washington state. Moreover, the credit union extends its membership benefits to residents of specific counties in neighboring states such as Oregon and Idaho, further expanding its reach and impact.
One of the key factors that sets Boeing Employees’ Credit Union apart is its remarkable deposit amount, which currently stands at an impressive $26 billion. This substantial sum not only highlights the trust and confidence that members have in the credit union, but also ensures that the institution is well-equipped to provide a wide range of financial services and products to its members.
With its well-established presence and commitment to excellence, Boeing Employees’ Credit Union continues to play a pivotal role in the financial well-being and security of countless individuals throughout the region. By offering attractive membership options, personalized financial solutions, and a strong emphasis on customer service, the credit union has become a trusted partner for individuals and families seeking reliable and comprehensive financial support.
5. School’sFirst Federal Credit Union
Assets: $28.6 billion
Headquarters located at: Tustin, California
SchoolsFirst is a credit union based in California that serves over 1.3 million members. It has a total deposit of more than $24 billion and operates 70 branches, mainly located in the Los Angeles and Sacramento areas. The credit union focuses on serving educational communities in California and is open to current or retired school employees residing in California, as well as individuals with a family member who is a member of the credit union. Additionally, employees living in California whose companies primarily provide direct services to a school or district in California, as well as college students enrolled in eligible education programs with a student teaching requirement, are also eligible for membership.
Furthermore, SchoolsFirst offers a wide range of financial products and services to its members. These include savings and checking accounts, loans for various purposes such as home, auto, and personal loans, credit cards, and investment options. The credit union also provides online and mobile banking services, making it convenient for members to manage their finances anytime, anywhere.
With its extensive branch network, SchoolsFirst ensures that its members have easy access to banking services. In addition to the branches located in the Los Angeles and Sacramento areas, the credit union has branches in other cities across California, making it convenient for members to visit a branch near their location.
6. Golden 1 Credit Union
Assets: $19.6 billion
Headquarters located at: Sacramento, California
Golden 1 Credit Union, established in 1933, has a rich history of serving its members. With over 1 million members, the credit union has grown to become one of the largest financial institutions in California. In terms of total deposits, the credit union holds an impressive amount of approximately $17 million. The credit union takes pride in offering a wide range of financial products to meet the diverse needs of its members. From deposit options to loan facilities, Golden 1 Credit Union provides comprehensive solutions to help individuals achieve their financial goals.
Operating across the state of California, Golden 1 Credit Union has established a strong presence with its 65 branches strategically located throughout the region. This widespread network ensures that members have convenient access to banking services wherever they are in California.
Membership at Golden 1 Credit Union is open to individuals living or working in California. However, the credit union also extends its membership to non-Californians who have a family member or domestic partner already enrolled as a member. This inclusive approach allows individuals from diverse backgrounds to benefit from the exceptional services and products offered by Golden 1 Credit Union.
7. Alliant Credit Union
Assets: $19 billion
Headquarters located at: Chicago, Illinois
Alliant Credit Union, an online-only financial institution, has experienced tremendous growth in recent years. With over 800,000 members and nearly $14 billion in deposits, it has become a leader in the industry. One of the unique aspects of Alliant Credit Union is that it operates exclusively online, without any physical branches. This allows for greater convenience and accessibility for its members.
Membership at Alliant Credit Union is not limited to a specific group. In fact, it is available to a wide range of individuals. Current or retired employees (as well as their families) of businesses and organizations that partner with Alliant in the U.S. can easily become members. This partnership program allows employees to enjoy the benefits of Alliant’s services and financial products.
In addition to the partnership program, Alliant Credit Union also extends its membership to members of Foster Care to Success, a remarkable organization that provides support to foster teens in the U.S. By opening its doors to these young individuals, Alliant Credit Union aims to make a positive impact in their lives and empower them with financial resources and guidance.
8. America First Credit Union
Assets: $18.3 billion
Headquarters located at: Riverdale, Utah
America First Credit Union, established in 1939, is a trusted and reliable financial institution based in the beautiful state of Utah. Over the years, it has grown to become a prominent player in the industry, providing exceptional banking services to its valued customers. With a strong presence in Utah, the credit union has strategically positioned its branches across the state, making it convenient for members to access their accounts and seek assistance whenever needed.
One of the key factors that sets America First Credit Union apart from its competitors is its impressive deposit base, which currently stands at a remarkable $16 billion. This substantial amount of deposits is a testament to the confidence and trust that 1.3 million members have placed in the credit union.
Membership at America First Credit Union is not limited to a select few. It welcomes individuals living or working in Salt Lake and Juab Counties, ensuring that a wide range of people can benefit from its exceptional services. In addition, the credit union extends its membership to residents of select areas in Arizona, Nevada, New Mexico, Idaho, and Oregon, further expanding its reach and impact.
9. First Technology Federal Credit Union
Assets: $17 billion
Headquarters located at: San Jose, California
First Tech Credit Union, despite its relatively small membership and number of branches, has experienced remarkable growth and currently holds over $11 billion in total deposits, making it a significant player in the financial industry. Its branches are strategically located in key areas, primarily in California and the Northwest region, specifically in Washington and Oregon, where it has established a strong presence and gained the trust of local communities.
To become a member of First Tech Credit Union, individuals have several options. They can qualify for membership if they work for a company listed as a partner of First Tech, which provides them with exclusive benefits and access to a wide range of financial services. Additionally, individuals who reside or work in Lane County, Oregon, have the opportunity to join this esteemed credit union and enjoy the perks that come with it.
Furthermore, First Tech Credit Union values its commitment to supporting and celebrating the advancements in technology and finance. It proudly offers membership to individuals who are also members of the Computer History Museum, allowing them to be part of a community that appreciates the rich history and innovation in the field of computing. Similarly, individuals who are members of the Financial Fitness Association can also avail themselves of the exclusive membership offered by First Tech Credit Union, ensuring their financial well-being and stability.
10. Mountain America Credit Union
Assets: $17 billion
Headquarters located at: Sandy, Utah
Mountain America, a credit union that operates exclusively in western states such as Utah, New Mexico, Arizona, Idaho, Nevada, and Montana, is known for its impressive size and reach. As the tenth largest credit union in the United States, it serves over 1 million members and manages a substantial $14.9 billion in deposits. With a network of more than 100 branches strategically located across these states, Mountain America is well-positioned to cater to the financial needs of residents in the region.
One of the key advantages of being a member of Mountain America is the convenience and accessibility it offers. With a strong presence in Utah, the credit union primarily focuses on serving the local community. However, its membership extends beyond just residents of Utah. Family and household members of current members are also eligible to join, as are employees and volunteers of select organizations. This inclusive approach allows Mountain America to foster a sense of community and provide financial services to a wide range of individuals.
Mountain America takes pride in its commitment to exceptional customer service. With a dedicated team of professionals and a passion for helping members achieve their financial goals, the credit union strives to provide personalized assistance and guidance. Whether it’s opening a new account, applying for a loan, or seeking financial advice, members can rely on the expertise and support of Mountain America’s knowledgeable staff.
