The current number of credit unions in the US
As of the most recent data, there are approximately 4,800 to 5,000 credit unions operating in the United States. The exact count shifts slightly each year because credit unions merge, close, or open regularly. The National Credit Union Administration (NCUA), the federal agency that charters and regulates most credit unions, publishes updated figures quarterly, so the number you find depends on when you look.
This count includes both federally chartered credit unions (regulated by the NCUA) and state-chartered credit unions (regulated by individual state banking authorities). A federally chartered credit union follows NCUA rules nationwide, while a state-chartered credit union follows its state's rules plus NCUA oversight if it carries federal insurance. The distinction matters for how they operate, but both types count toward the total.
The number of credit unions has actually declined over the past two decades, even though the total assets and membership have grown. This is because larger credit unions have absorbed smaller ones through mergers, creating fewer but stronger institutions. A credit union with 500 members and one with 50,000 members both count as one credit union in the total.
Key Takeaways
- Approximately 4,800 to 5,000 credit unions operate in the US, with the exact number changing as institutions merge or close.
- The NCUA publishes the official count quarterly, so the most current figure is available on their website if you need a precise number for a specific date.
- Credit unions are split between federally chartered institutions (NCUA-regulated) and state-chartered institutions (state-regulated with NCUA insurance).
- The total number of credit unions has declined over 20 years even as membership and assets have grown, because larger credit unions have merged with smaller ones.
Why the number keeps changing
Credit unions merge more often than they close outright. When two credit unions combine, the member base and assets move to one institution, and the other ceases to exist as a separate entity. This reduces the total count by one. Mergers happen for many reasons: a small credit union may lack the technology budget to stay competitive, or two credit unions serving the same area may find it more efficient to operate as one.
New credit unions do open, but less frequently than mergers occur. Starting a credit union requires a charter (federal or state), a founding group of members, and enough capital to meet regulatory minimums. The barrier to entry is higher than opening a bank, which is why you see fewer new credit unions than new banks in any given year.
Credit unions also close when they fail financially or when regulators determine they cannot continue safely. This is rare but does happen. When a credit union fails, the NCUA or state regulator typically arranges for another credit union or bank to assume the members' accounts, so members do not lose their deposits up to the insurance limit.
How credit unions are distributed across states
Credit unions are not evenly spread across the country. Some states have hundreds of credit unions, while others have fewer than 50. California, Texas, and New York have the largest numbers because they have larger populations and longer histories of credit union formation. States with smaller populations naturally have fewer credit unions, though even small states usually have at least a handful.
The distribution also reflects history. Credit unions often grew out of specific communities — a workplace, a church, a labor union, or a geographic area. Some states encouraged credit union formation early on, while others were slower to adopt the model. This historical pattern still shapes where you find credit unions today.
You can find credit unions in every state, but the number per capita varies widely. A state with 10 million people might have 200 credit unions, while a state with 1 million people might have 40. This means your options for joining a credit union depend partly on where you live.
The difference between size and count
The total number of credit unions (around 5,000) can be misleading because it does not tell you about their size. A handful of very large credit unions serve millions of members, while thousands of small credit unions serve just a few thousand each. The largest credit unions have assets in the tens of billions of dollars; the smallest have assets in the millions.
When you search for a credit union to join, the count matters less than whether one serves your field of membership. A credit union must have a defined field of membership — the group of people allowed to join. This might be employees of a specific company, members of a profession, residents of a county, or members of an organization. You cannot join just any credit union; you have to meet its membership criteria.
Because of this, the total number of credit unions in the US tells you how many institutions exist, but not how many options you personally have. You might live in a state with 200 credit unions but only be able to join three of them based on your job, location, or affiliations.
Where to find the official count
The NCUA publishes credit union data on its website, including the current number of federally chartered credit unions and their combined membership and assets. This data updates quarterly. If you need the exact count for a specific date or want to see how the number has changed over time, the NCUA's research and statistics section has historical tables.
State banking regulators also publish counts of state-chartered credit unions within their states. If you want to know how many credit unions operate in a specific state, the state's banking or financial regulation department can provide that figure.
These official sources are more reliable than estimates you might find elsewhere, because they come directly from the regulators who oversee credit unions. News articles and industry reports may cite slightly different numbers depending on when they gathered the data, but the NCUA and state regulators have the authoritative figures.
How membership compares to the number of institutions
While the number of credit unions has declined, total membership has grown. This means the average credit union is larger now than it was 20 years ago. Roughly 130 million people in the US hold membership in at least one credit union, even though there are only about 5,000 credit unions. That works out to an average of 26,000 members per credit union, though the actual range is enormous — from credit unions with fewer than 500 members to those with over 5 million.
This shift toward larger institutions reflects broader trends in banking and finance. Consolidation makes institutions more stable and allows them to invest in technology, but it also means fewer independent credit unions exist. For members, this usually means better online banking tools and more ATM access, because large credit unions can afford to build these networks.
Frequently Asked Questions
How do I find out which credit unions I can join?
Start by checking whether your employer, profession, or a group you belong to sponsors a credit union. You can also search the CO-OP Network or Shared Branch directories, which list credit unions by state and sometimes by field of membership. Your state's banking regulator can also provide a list of credit unions operating in your state.
Does the number of credit unions affect which one I should choose?
Not directly. What matters is whether a credit union meets your field of membership and offers the services you need. A small local credit union and a large national credit union can both be good choices depending on your priorities — local credit unions may offer more personalized service, while large ones typically have more branches and ATMs.
Why do credit unions merge instead of staying independent?
Mergers often happen because smaller credit unions cannot afford the technology, compliance staff, and security infrastructure that modern banking requires. A merger allows members of a small credit union to keep their accounts while gaining access to better tools and more resources. Both institutions' members benefit, even though the total number of credit unions decreases.
Is the number of credit unions still declining?
Yes, the trend of declining numbers through mergers has continued over the past decade, though the rate varies year to year. However, total assets and membership continue to grow, meaning credit unions as a whole are getting stronger even as there are fewer separate institutions.
Can I join a credit union in a different state?
Some credit unions accept members from outside their home state if you meet their field of membership criteria. Many large credit unions have expanded their membership rules to include people nationwide. Check with the specific credit union about whether you meet their membership requirements, regardless of where you live.