“Not for profit, not for charity, but for service.”
– Credit Union motto
“The National Bank at a profit sells road maps for the soul to the old folks home and the college.”
– Bob Dylan, “Tombstone Blues”
Back in 2010, over 9,000 credit unions in the United States had over $500 Billion in deposits. In November, 2011, the top 20 credit unions had $149 Billion in deposits, while Chase, Bank of America, Wells Fargo, and Citibank, the four largest U.S. banks, had over $4.0 trillion. However, as of the end of the first quarter, 2012, credit unions had over $1.0 trillion in deposits – their deposits doubled since 2010. What happened?