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New York Teachers’ FCU to Open Tampa Branch, Following National Trend

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When Teachers Federal Credit Union announced last week that it was opening its first new branch outside of New York, its choice of Tampa, Fla. might have come as a surprise to many.

But the choice fits a larger pattern: While credit unions had slightly more branches in June than before COVID-19, the latest NCUA data also showed that branches declined in the Northeast. and the Midwest, while expanding in the South and West.

Founded on Long Island in 1952, Teachers now has some of its 427,639 members in each of the 50 states (and with $8.9 billion in assets as of June 30, it’s the 29th largest credit union in the nation) .

For at least a year, Teachers has been discussing its intention to become a national credit union, but its first tangible step came with its Oct. 7 announcement that it will open a branch in Tampa by the end of the year.

President and CEO Brad Calhoun said the move is part of his “journey of bringing smart financial solutions and products to more members across the country.” NCUA data showed it had 33 branches and other locations as of June 30, unchanged from last year and all in the New York metro area.

“Opening a branch in Tampa is a natural next step as we continue to grow our national footprint,” he said. “Not only is Tampa one of the fastest growing cities in the country, but we already have members who reside in Florida.”

Brad Calhoun Brad Calhoun

A CU time Analysis of NCUA data showed credit unions had slightly more branches in June than before the COVID-19 pandemic, with the gain occurring over the past year.

There were 21,650 credit union branches nationwide as of June 30. Credit unions reduced a network of 19 branches (-0.1%) from March 2020 to June 2021, then added 62 branches (+0.3%) from June 2021 to June 2022.

Here are the regional changes:

  • The North East had 3,619 branches as of June 30, a net loss of 61 branches (-1.6%) from March 2020 to June 2021 and a decline of 28 branches (-0.8%) over the last year.
  • The Midwest had 5,521 branches, down 34 (-0.6%) from March 2020 to June 2021, but up 11 (0.2%) over the past year.
  • The South had 7,790 branches, a net gain of 47 branches (+0.6%) from March 2020 to June 2021, and an increase of 53 branches (+0.7%) over the past year.
  • The West had 4,720 branches, a net gain of 29 branches (+0.6%) from March 2020 to June 2021 and 26 branches (+0.6%) over the past year.