What are the three largest credit unions?

The Three Giants: A Look at the Largest Credit Unions

In the vast landscape of financial institutions, credit unions stand out as cooperative, member-owned organizations that prioritize the financial well-being of their communities. Among these, a select few have emerged as industry titans, boasting substantial assets and a profound impact on the credit union sector.

1. Navy Federal Credit Union

Reigning supreme as the largest credit union in the United States, Navy Federal Credit Union serves over 11 million members worldwide. Its history dates back to 1933, when a group of Navy employees pooled their funds to provide financial support to their fellow service members. Today, Navy Federal manages an impressive $174 billion in assets.

2. State Employees’ Credit Union of North Carolina

As the second largest credit union, State Employees’ Credit Union (SECU) boasts a membership of nearly 2.7 million. Founded in 1937 by a group of state employees, SECU has a strong presence in North Carolina and surrounding states. With assets exceeding $52 billion, it plays a vital role in supporting the financial needs of its members and the communities they serve.

3. Pentagon Federal Credit Union

Rounding out the top three is Pentagon Federal Credit Union (PenFed). Established in 1935, PenFed has grown to include over 2.4 million members. Its origins lie in the financial support provided to military personnel, and it remains committed to serving active duty, retired, and veteran members of the armed forces. With assets of over $35 billion, PenFed is a formidable player in the financial industry.

Combined Might

Collectively, these three giants wield substantial financial power, holding a significant portion of the assets within the credit union sector. Their combined financial strength enables them to offer a wide range of products and services, including competitive interest rates, low fees, and personalized financial guidance.

Their presence has a profound impact on the industry, fostering competition and innovation. The success of these large credit unions demonstrates the enduring relevance of the cooperative model and its ability to effectively meet the financial needs of diverse communities.