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March 1, 2012 – NCUA data show membership in the nation's credit unions soared in 2011, rising by 1.35 million members, more than double the growth in 2010 and including positive fourth-quarter numbers for the first time since 2003.

In the year that saw banks raising fees and consumers pushing back, creditunions drew 398,000 new members in the fourth quarter alone. Membership growth was 17.6 percent above average for the past five years, the data show.

"Consumer frustration with Wall Street motivated people to explore the value of Main Street credit unions," said NAFCU President and CEO Fred Becker. "Credit unions' outstanding service, low fees and competitive rates got them to stay."

"Credit unions ended 2011 in a safer and stronger position than at the start of the year," said NCUA Chairman Debbie Matz. "Demonstrating the industry's resilience, 2011 saw annual net income jump 41.2 percent to $6.4 billion. As a result, net worth grew 6.9 percent, reaching $98.4 billion, and the net worth ratio climbed from 10.06 percent to 10.23 percent."

Through the year, the data show growth in share drafts and regular shares of 12.2 percent and 10.95 percent, respectively. Total shares in credit unions rose to $827.4 billion, up 5.2 percent from 2010. Loan growth rose 1.2 percent last year to $571.5 billion; member business lending alone was up 5.2 percent from 2010.

NCUA said the savings growth pushed credit unions' loan-to-share ratio down 2.7 percentage pointsduring the year to 69.07 percent.

Assets grew 5.2 percent to $961.8 billion, and net worth was up 6.9 percent to $98.4 billion.