10 Largest Credit Unions in the United States

Credit unions are member-owned financial cooperatives that offer many of the same services as traditional banks. However, they have the unique feature of keeping ownership in the hands of their members. They maintain a not-for-profit status, but most do not rely on donations like nonprofits do.

Today we’ll be taking a look at 10 of the largest credit unions in the United States in terms of assets, and learning what sets each one apart from the rest. In some cases, the assets of these member-focused financial cooperatives can climb to staggering numbers!

  1. Security Service Federal Credit Union

Assets: $9.55 Billion
Headquarters Location: San Antonio, Texas
Year Opened: 1956
CEO: James L. Laffoon

Security Service Federal Credit Union
Source: wikimedia.org

This natural person credit union (meaning that its members are individual people, rather than representatives of a company) had humble beginnings, with only eight members and $25 worth of deposits. Today, it has expanded to employ over 2,700 people and serve over 774,000 members. Security Service Federal Credit Union strives to not only provide its members with valuable services, but to educate them and help them become financially responsible as well.

Did You Know?

The Security Service Federal Credit Union was originally formed with a primary focus on the financial well-being of the U.S. Air Force Security Service Command.

  1. America First Credit Union

Assets: $10.24 Billion
Headquarters Location: Riverdale, Utah
Year Opened: 1939
CEO: John Lund

America First Credit Union
Source: wikimedia.org

America First Credit Union (not to be confused with America’s First Federal Credit Union) has grown to maintain 130 branches and serve 939,000 members. This credit union also strives to maintain generous community involvement with its “Greater Good” program, which helps company staff set aside time for philanthropy.

Did You Know?

The America First Credit Union has a history of commitment–throughout 78 years of its operation, it has only seen four different CEOs and Presidents.

  1. Alliant Credit Union

Assets: $10.97 Billion
Headquarters Location: Chicago, Illinois
Year Opened: 1935
CEO: David Mooney

Alliant Credit Union
Source: wikimedia.org

Alliant Credit Union was originally founded by a small band of United Airlines employees as the United Airlines Employees’ Credit Union. It spent over sixty years as a single-sponsor credit union, eventually opening its doors to other organizations. Alliant Credit Union now offers its services to residents of several nearby states.

Did You Know?

Alliant Credit Union has chosen to initiate a consumer loan origination system in order to dramatically streamline the customer experience.

  1. The Golden 1 Credit Union

Assets: $12.13 Billion
Headquarters Location: Sacramento, California
Year Opened: 1933
CEO: Donna A. Bland

The Golden 1 Credit Union
Source: wikimedia.org

The Golden 1 Credit Union is a not-for-profit cooperative, giving back to members rather than choosing to seek higher profits from stockholders. Golden 1 maintains 80 branches throughout the state of California and serves 38 out of its 58 counties, making it the state’s leading financial cooperative.

Did You Know?

In September of 2018, Golden 1 opened a new branch on San Francisco’s Mission Bay campus. This credit union has opened its services to the entire state of California.

  1. First Tech Federal Credit Union

Assets: $12.27 Billion
Headquarters Location: Beaverton, Oregon
Year Opened: 1952
CEO: Greg Mitchell

First Tech Federal Credit Union
Source: wikimedia.org

This federally chartered credit union mainly operates in the northwestern United States, and offers service to Puerto Rico as well. It was originally formed by a small group of employees of Tektronix and Hewlett-Packard, and maintains a heavy focus on technology-based companies.

Did You Know?

First Tech Credit Union was the first financial establishment to provide telephone interactive voice response and online access to its customers. Its online capabilities make it accessible to anyone in the country.

  1. SchoolsFirst Federal Credit Union

Assets: $14.88 Billion
Headquarters Location: Santa Ana, California
Year Opened: 1934
CEO: Bill Cheney

SchoolsFirst Federal Credit Union
Source: flickr.com

This credit union was originally formed during the Great Depression by 126 school employees as Orange County Teachers Credit Union. Rebranded in 2008 as SchoolsFirst Federal Credit Union, it now boasts 50 branches and over 700,000 members.

Did You Know?

SchoolsFirst Federal Credit Union encountered some turbulence in 2014 when former executive David Lugo embezzled $2.7 million! Fortunately, no sensitive information was reported to have been compromised in the process.

  1. BECU

Assets: $18.76 Billion
Headquarters Location: Tukwila, Washington
Year Opened: 1935
CEO: Benson Porter

Source: wikimedia.org

The BECU credit union was originally formed by 18 Boeing employees, for the express purpose of serving employees of the Boeing Company. This credit union was in fact called the Boeing Employees’ Credit Union, and was open only to family members and employees of the company and its affiliates, BECU, and the Museum of Flight. In 2002, BECU was opened to all residents of Washington state.

Did You Know?

BECU strives to further the population’s financial literacy and knowledge, and offers free seminars and Financial Health Checks.

  1. PenFed (Pentagon Federal Credit Union)

Assets: $24.08 Billion
Headquarters Location: McLean, Virginia
Year Opened: 1935
CEO: James Schenck

PenFed (Pentagon Federal Credit Union)
Source: wikimedia.org

With over 1.6 million members, Pentagon Federal Credit Union serves all 50 of the United States. It also extends its services to other areas such as Guam, Okinawa, and Puerto Rico, providing 24/7 availability around the globe. Many of PenFed’s locations are situated in close proximity to military bases, and offer programs for soldiers to find the best deals on vehicles.

Did You Know?

PenFed formed a partnership with CU Direct, joining its CUDL program in order to use CU Direct’s auto lending network for credit unions

  1. State Employees Credit Union

Assets: $38.58 Billion
Headquarters Location: Raleigh, North Carolina
Year Opened: 1937
CEO: Mike Lord

State Employees Credit Union
Source: wikimedia.org

This state-chartered credit union is the second largest natural member credit union in the nation, both by asset value and member count. State Employees Credit Union is actually a nonprofit financial institution, and is owned by employees of the state of North Carolina. It was founded for the purpose of supporting community housing and healthcare projects.

Did You Know?

When the State Employees Credit Union was first incorporated, it had only $437 in assets!

  1. Navy Federal Credit Union

Assets: $95.31 Billion
Headquarters Location: Jacksonville, Florida
Year Opened: 1933
CEO: Mary McDuffie

Navy Federal Credit Union
Source: flickr.com

Navy Federal Credit Union is the largest credit union in the world by assets. It stands above the rest as the largest credit union by membership as well, serving over eight million members. This credit union offers its services specifically to military members and their families. Aside from serving millions of happy customers, the Navy Federal Credit Union is also said to maintain a highly desirable work environment.

Did You Know?

This company caused a scandal during recent years by reacting illegally to customers being late on payments and blocking access to ATM machines, online accounts, and debit cards.

Leave a Comment