The industry's drumbeat of new memberships and loan business stemming from banking's troubles and the flight to safety picked up new momentum last week with two state leagues, Washington and Mississippi, crowing about membership gains.
The Mississippi Credit Union Association attributed its first quarter 4.5% membership spurt–adding 24,000–to both its new "iBelong" awareness ad campaign and the impact of an interstate merger.
Still, "There's little doubt the banking crisis and all that's gone on down here with Wachovia and bank closures have made consumers shop around, bringing credit unions new members and new loans," said Cheryl Oggs, vice president of the trade group.
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