List of Largest Credit Unions in US

Last Updated : 07 Apr, 2024

What is Credit Union?

A credit union is a financial cooperative, incorporated as a not-for-profit organization owned and operated by its members. These unions are subject to regulation and supervision by government agencies in the countries in which they operate. Credit unions provide the same financial services that a cooperative bank provides. However, the difference between a credit union and a bank is that the latter works with a profit-earning motive whereas the former is a not-for-profit organisation. It plays an important role in providing financial services to its members and cultivating a sense of community.

List-of-Largest-Credit-Unions-in-US

Geeky Takeaways:

The credit union offers various services to their members such as opening savings accounts, checking accounts, certificates of deposit, granting loans, facility of credit cards, etc.
These cooperatives are incorporated as not-for-profit organisations, hence, any surplus funds generated are typically reinvested into the organization to improve services.
Credit unions are owned and operated by their members who own the credit union.
The primary goal of a credit union is to serve financial services to its members rather than maximise profits for shareholders.

Table of Content

List of Largest Credit Unions in United States
1. Navy Federal Credit Union
2. State Employees’ Credit Union
3. Pentagon Federal Credit Union
4. Boeing Employees Credit Union
5. SchoolsFirst Federal Credit Union
6. The Golden 1 Credit Union
7. Alliant Credit Union
8. America First Credit Union
9. Mountain America Credit Union
10. Randolph-Brooks Credit Union
Conclusion
List of Largest Credit Unions in US – FAQs

List of Largest Credit Unions in United States

Rank	Name	Total Assets
1	Navy Federal Credit Union	$168.4 billion
2	State Employees’ Credit Union	$53.1 billion
3	Pentagon Federal Credit Union	$35 billion
4	Boeing Employees Credit Union	$30.2 billion
5	SchoolsFirst Federal Credit Union	$28.2 billion
6	The Golden 1 Credit Union	$18.5 billion
7	Alliant Credit Union	$18 Billion
8	America First Credit Union	$17.39 billion
9	Mountain America Credit Union	$17 billion
10	Randolph-Brooks Credit Union	$14.77 billion

1. Navy Federal Credit Union

Navy Federal Credit Union is the largest credit union in the United States, serving the military and their families. It offers a wide range of financial products and services and has a large network of branches and ATMs, both domestically and internationally, to serve its members. It is also involved in community development programs in areas where its members reside.

CEO: Dietrich Kuhlmann
Headquarters: Vienna, Virginia
Assets: $168.4 billion
Customer Count: 13.3 million
Number of Branches: 355 branches
Number of ATMs: 30,000 ATMs

Pros:

Membership Benefits: It offers a range of financial products and services to satisfy the needs of military personnel and their families.
Membership Eligibility: Membership eligibility is primarily based on military affiliation as well as family members of eligible individuals.
Personalized Service: Credit unions typically provide more personalized customer service compared to large banks, with a focus on building relationships and meeting the needs of their members.

Cons:

Limited Branch Network: Members find fewer physical branch locations compared to some national banks.
Eligibility Requirements: Membership eligibility is limited to those with military affiliation or family connections, which excludes other individuals from joining.
Membership Voting Rights: Members have voting rights in the organization’s decisions, which may require participation in the credit union’s governance processes. Some members may view this as an additional responsibility.

2. State Employees’ Credit Union

It is a financial institution that primarily serves employees of the state of North Carolina and their families. It has an extensive branch network throughout North Carolina, with hundreds of branches located across the state. This extensive network allows members to conveniently access in-person banking services.

CEO: Leigh Brady
Headquarters: Raleigh, North Carolina
Assets: $53.1 billion
Customer Count: 2.7 million
Number of Branches: 270 branches
Number of ATMs: Over 1,100 ATMs

Pros:

Not-for-Profit Structure: As a member-owned credit union, SECU operates for the benefit of its members rather than to generate profits for shareholders.
Extensive Branch Network: It has a large branch network across North Carolina, providing members with convenient access.
Community Involvement: SECU is often actively involved in community initiatives and charitable activities to support the communities it serves.

Cons:

Limited Geographical Reach: The branch and ATM network of the union may be less extensive in states or regions other than North Carolina, which could be a drawback for members who frequently travel.
Technology Limitations: SECU’s online and mobile banking offerings may not be as feature-rich as those of larger banks.
Membership Voting Rights: SECU operates under a democratic structure where members have voting rights in the organization’s decisions. It requires participation in the credit union’s processes.

3. Pentagon Federal Credit Union

Pentagon Federal Credit Union also known as PenFed, is one of the largest credit unions in the United States, known for its competitive rates on savings and loan products, often providing favourable terms compared to traditional banks. It mainly serves military personnel, government employees, and their families.

CEO: James Schenck
Headquarters: McLean, Virginia
Assets: $35 billion
Customer Count: 2.9 million
Number of Branches: 50 branches
Number of ATMs: 85,000+ ATMs

Pros:

Competitive Rates: PenFed offers competitive rates on savings accounts, certificates of deposit (CDs), and loan products.
Nationwide Accessibility: It has a nationwide network of ATMs and branches, as well as robust online and mobile banking platforms which is a convenience to its members.
Community Involvement: It actively supports communities, especially military ones. It participates in various community outreach programs and initiatives, contributing to their well-being.

Cons:

Membership Eligibility: Membership eligibility criteria for PenFed are primarily restricted to individuals associated with the military, government, or specific employer groups.
Fees and Requirements: Like any other financial institution, it has its own set of fees, terms and conditions.
Limited Branch Network: While PenFed offers nationwide accessibility through its network of ATMs and branches, its branch presence may be limited compared to larger banks.

4. Boeing Employees Credit Union

Boeing Employees Credit Union (BECU) was founded in 1935 by a group of Boeing employees. This credit union provides financial education resources to its members and also actively participates in local events and sponsors community initiatives. It is committed to community involvement and support.

CEO: Beverly Anderson
Headquarters: Beverly Anderson
Assets: $30.2 billion
Customer Count: 1.3 million
Number of Branches: More than 50 branches
Number of ATMs: More than 30,000 ATMs

Pros:

Membership Eligibility: The membership of BECU is open to individuals who live, work, worship, or attend school in Washington State, as well as a few selected areas of Oregon and Idaho. The broad eligibility criteria allow a significant portion of the local community to join the credit union.
Technology and Convenience: It offers strong online and mobile banking platforms that help its members to conveniently access their accounts and banking services 24/7.

Cons:

Customer Service: Sometimes, members may experience challenges or delays in resolving issues.
Limited Branch Network: While BECU has a significant presence in Washington State, its branch network is limited in the areas outside Washington

5. SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union is a California-based institution that serves educational communities in California. It offers tailored financial products and services designed specifically for employees and retirees of California public schools. Membership of the union is open to current or retired school employees living in California or those with a family member who belongs to the credit union and college students.

CEO: Bill Cheney
Headquarters: Tustin, California
Assets: $28.2 billion
Customer Count: 1.3 million
Number of Branches: 70 Branches
Number of ATMs: More than 30,000 ATMs

Pros:

Specialized Services for Educators: SchoolsFirst Federal Credit Union offers tailored financial products and services designed specifically for employees and retirees of California public schools.
Customer Service: The union is known for its excellent customer service, with knowledgeable staff members who understand the needs of educators.
Convenient Access: It allows members to manage their accounts, pay bills, and conduct transactions from anywhere by conveniently accessing the banking services through online and mobile banking platforms.

Cons:

Limited Membership Eligibility: Membership in this union is restricted to employees and retired personnel of California public schools, as well as their immediate family members.
Technology Limitations: While SchoolsFirst offers online and mobile banking platforms for convenient access to banking services, the features offered by the credit union are not as advanced as those of larger financial institutions.
Limited Geographic Coverage: As the union primarily serves members in California, people who relocate to areas outside of California may need to find alternative banking options.

6. The Golden 1 Credit Union

It was established in 1933 by a group of California state employees. Golden 1 Credit Union’s membership includes individuals who live or work in California. It serves individuals and families across the state and is committed to supporting the communities through various initiatives, including financial literacy programs, scholarships, sponsorships of community events, and donations to charitable organizations.

CEO: Donna Bland
Headquarters: Sacramento, California
Assets: $18.5 billion
Customer Count: 1 million
Number of Branches: 73 branches
Number of ATMs: 232 ATMs

Pros:

Broad Membership: Golden 1 Credit Union’s membership eligibility criteria allows a wide range of people to join the credit union and access its services. It is open to individuals who live or work in California, as well as their family members.
Competitive Rates: It provides competitive rates on savings accounts, certificates of deposit, and loans. It also has low fees for checking accounts and other services.
Technology and Convenience: Golden 1 offers online and mobile banking platforms for the convenience of members to access banking services. Members can manage their accounts, pay bills, transfer funds, and deposit checks remotely.

Cons:

Crowded Branches: In areas with high membership density, Golden 1 members who prefer in-person banking may experience crowding and longer wait times in the branches, especially during peak hours. This could cause inconvenience.
Technology Limitations: While Golden 1 offers online and mobile banking platforms for convenient access to banking services, some members may find that the technology or features offered by the credit union are not as advanced as those of larger banks or financial institutions.
Membership Growth Restrictions: Golden 1 may periodically implement membership growth restrictions that could impact individuals seeking to join the credit union during times of high demand.

7. Alliant Credit Union

Alliant Credit Union was founded in 1935 and has grown to become one of the largest credit unions in the US. It focuses on providing personalized financial solutions to its members. The membership of the union is open to individuals nationwide through affiliation with partner organizations or by donating to Alliant’s charitable partner. This eligibility criteria allows individuals from different backgrounds to join the credit union and enjoy its services.

CEO: Dennis Devine
Headquarters: Dennis Devine
Assets: $18 Billion
Customer Count: More than 850,000
Number of Branches: No physical branches
Number of ATMs: 80000+ ATMs

Pros:

Financial Services: It offers a comprehensive set of financial products and services. Members have access to a variety of financial tools to meet their needs.
Strong Online and Mobile Banking: Alliant provides robust online and mobile banking platforms, allowing members to conveniently manage their accounts remotely, and access financial tools and resources from anywhere.
Financial Stability: Alliant Credit Union has a strong financial position, providing stability and security for its members’ deposits and investments.

Cons:

Customer Service: Some members may experience challenges or delays in resolving issues through customer service channels when dealing with complex inquiries.
Technology Limitations: While Alliant offers online and mobile banking platforms for convenience, the technology offered by the union is not as advanced as those of larger banks.
Limited Community Engagement: Although the union is committed to serving its community people, the engagement of Alliant Credit Union is not as vast compared to other unions.

8. America First Credit Union

America First Credit Union serves individuals and families primarily in Utah, as well as select areas of Nevada and Idaho. It was established in 1939. America First has now become one of the largest unions in the US and a trusted financial institution known for its commitment to providing personalized financial solutions to its members.

CEO: Thayne Shaffer
Headquarters: Ogden, Utah
Assets: $17.39 billion
Customer Count: More than 984,000
Number of Branches: 120 branches
Number of ATMs: 30,000 ATMs

Pros:

Membership Eligibility: America First Credit Union has inclusive membership eligibility criteria that allow individuals who live, work, worship, or attend school in Utah, as well as select areas of Nevada and Idaho, to join.
Comprehensive Financial Services: It offers comprehensive financial services such as savings accounts, credit cards, mortgages, personal loans, etc. Members can fulfil various financial needs within the credit union.
Competitive Rates and Low Fees: It provides competitive rates on savings accounts, certificates of deposit, and loans. It also has low fees for checking accounts and other services.

Cons:

Limited Branch Network: The availability of physical branches of the union may be limited in certain regions or communities which could be a drawback for members living in those areas and prefer in-person banking.
Technology Limitations: Some members may find that the technology or features offered by America First Credit Union’s online and mobile banking platforms are not very advanced.
Membership Growth Restrictions: It implements membership growth restrictions periodically which could impact individuals seeking to join the credit union during times of high demand.

9. Mountain America Credit Union

It is a financial institution based in the United States, primarily serving members in the states of Utah, Idaho, Nevada, Arizona, and New Mexico. It was founded in 1934 and has since grown to become one of the largest credit unions in the country. It also emphasizes community involvement and frequently engages in charitable activities and sponsorships in the areas it serves.

CEO: Sterling Nielson
Headquarters: Sandy, Utah
Assets: $17 billion
Customer Count: More than 1,128,996
Number of Branches: Over 100 branches
Number of ATMs: More than 100 branches

Pros:

Member Focused: Mountain America prioritizes the needs and interests of its members rather than maximizing profits for shareholders. This results in better customer service and personalized financial solutions.
Community Involvement: It is also known for its community involvement and support.
Shared Branching and ATM Networks: The union participates in shared branching networks, allowing members to conduct transactions at other credit unions’ branches.

Cons:

Technology: Few members may find the technological sophistication of the union not on the same level as of larger banks.
Limited Product Offerings: While Mountain America Credit Union offers a wide range of financial products and services, there could be a limitation for individuals seeking specialized financial services.
Fewer Perks: The perks offered by the union are similar to those of larger banks but might not be as extensive or widely available.

10. Randolph-Brooks Credit Union

It was established in 1952 on Randolph Air Force Base in Universal City, Texas, to serve military personnel and their families. This union has expanded its membership eligibility to include anyone who lives, works, attends school, or conducts business in certain areas of Texas. It is also known for its commitment to serving its members and community involvement.

CEO: Mark Sekula
Headquarters: Live Oak, Texas
Assets: $14.77 billion
Customer Count: More than 850,000
Number of Branches: More than 60 branches
Number of ATMs: More than 55 branches

Pros:

Member-Focused: Like other credit unions, Randolph-Brooks Credit Union(RBFCU) is member-owned. It prioritizes serving its members rather than maximizing profits for shareholders.
Shared Branching and ATM Networks: RBFCU participates in shared branching networks, allowing members to conduct transactions at other credit unions’ branches.

Cons:

Fewer Perks: The perks offered by the union are similar to those of larger banks but might not be as extensive or widely available.
Technology: Few members may find the technological sophistication of the union not on the same level as of larger banks.

Conclusion

Credit unions are not-for-profit organisations that provide the same financial services that a cooperative bank provides. It plays an important role in providing financial services to its members and cultivating a sense of community.

The credit union provides financial education resources to its members and also actively participates in local events and sponsors community initiatives. In the USA, the Navy Federal Credit Union is the largest credit union with a total asset more than of $168 billion.

Credit unions have their specific criteria for membership which can be based on various factors such as location, employer, or affiliation with certain organizations, etc. Any person who meets the membership criteria of these unions can join them and become a member-owner. The members of the credit union are also the owners of the credit union.