Our members know we save them money over for-profit banks and other financial institutions, but just how much do we save our members?
A recently released independent analysis by ECONorthwest explores just how profoundly Unitus and the credit union movement are impacting the lives of members in Oregon and Washington. The best part is, it’s not only credit union members who are enjoying the benefits.
Our Model Gives Us a Unique Advantage
Our model as a member-owned, not-for-profit financial cooperative gives us a unique advantage over for-profit institutions like banks, whose primary objective is to raise value for shareholders. We are owned by our members, so the only pockets we want to pad are our members’.
Here are some concrete figures that illustrate the positive growth we helped contribute to our members and communities in 2016.
- Our members together earned an extra $7.7 Million in 2016. More specifically, this means we saved our members $7.7 Million through lower fees, higher savings rates, lower interest rates on loans, and all the other benefits included with membership at a Credit Union over doing business at a for-profit bank or other financial institution.
- Unitus accounted for 614 jobs to our communities.
- Unitus caused an economic impact of $38.4 Million in our communities, beginning with the $17.8 Million in income paid to our employees.
- Unitus contributed $45.8 Million in spending and compensation for our Northwest economy, which represents sales and other operating income such as supply chain purchases and employee compensation. Including the indirect and induced impact, Unitus contributed more than $113.4 Million to the Northwest economy.
Proud To Be a Part of the Credit Union Movement
We were not the only financial institution benefiting members and improving our economy.
As members of a Northwest credit union, you are contributing to more than just your own accounts – you are helping bring about a sea change in what financial institutions are expected to deliver for their members and consumers across the country.
You are promoting local economic growth, ethical and transparent leadership practices, and policies designed only to serve members. Let’s change the default expectation of financial institutions together.
Did you know…
- The overall economic impact of Credit Unions in Oregon and Washington in 2016 ($7.7 Billion) has been equal to the revenue of The Hershey Company, a worldwide powerhouse? And of Foot Locker?
- There are more than 500 CU branches in the Northwest?
o CUs are present in 63 of the Northwest’s 75 counties – more than four of five counties.
- There are 5.55 million CU members in Oregon and Washington, which includes:
o 50% of the population of Washington
o 49% of the population of Oregon
- With nearly 1,750 new jobs over the last two years, Credit Unions have contributed to job growth (11%) at nearly double the rate of all jobs in Oregon and Washington (6%), and nearly triple the rate of the nation as a whole (4%).
- The report finds that every credit union job supports two others. The Northwest’s 17,061 credit union professionals created support for 51,010 family wage jobs. Our work sends ripples through the community.
Posted By: Jacob Schnee
About the Author: Jacob joined Unitus as Marketing Specialist in March 2015 and transitioned to Marketing Communications Specialist in March 2017. His experience has spanned hospitality, business development, consulting, and marketing in various industries along the east coast, west coast and in between. When he is not developing internal and external communications for Unitus, he is engaging in recreational fitness, studying personality types and exploring the outdoors with his wife and dog.