HBCU-based credit unions have been largely stagnant in the past four years since our last report in 2016. Assets have increased marginally by $1.7 million or a 1.9 percent. Only the top three HBCU-based credit unions saw increases in their assets of the eleven with all others declining. The asset decline was coupled as well with an acute decline in overall members with an almost 10 percent drop from 2016. With millions of dollars and thousands of potential accounts at their doorstep, it is extremely baffling how these institutions continue to struggle to grow. Especially in an environment of heightened social and economic desire to #BankBlack. The most glaring issue for these credit unions is a lack of FinTech investment. This includes everything from lack of a quality website, debit cards, bill pay, an app, and more. Things that would be considered basics at most financial institutions are still notoriously lacking at HBCU-based credit unions.
In 2012, we published a proposal for a merger among the 11 HBCU-based credit unions (or at the very least an alliance) that would immediately create one of the largest African American credit unions by assets and membership. You can read that here.
-
Southern Teachers & Parents (LA) – $30.3 million
-
Florida A&M University (FL) – $22.9 million
-
Virginia State University (VA) – $10.2 million
-
Howard University Employees (DC) – $10.1 million
-
Prairie View (TX) – $3.7 million
-
Councill (AL) – $2.9 million
-
Savastate Teachers (GA) – $2.7 million
-
Arkansas A&M College (AR) – $2.3 million
-
Xavier University (LA) – $1.7 million
-
Tennessee State University (TN) – $1.5 million
-
Shaw University (NC) – $0.4 million
TOTAL ASSETS: $88.7 MILLION
MEDIAN ASSETS: $3.3 MILLION
AVERAGE ASSETS: $8.1 MILLION
TOTAL MEMBERSHIP: 14,953
MEDIAN MEMBERSHIP: 754
AVERAGE MEMBERSHIP: 1,359
Source: National Credit Union Administration
HBCU Money 