Membership at U.S. credit unions increased 3.6% year over year to 127.1 million as of March 31, and 19 of the 20 largest credit unions posted growth.

Tysons, Va.-based Pentagon FCU, also known as PenFed Credit Union, grew membership by the most among the 20 largest credit unions with a 17.0% year-over-year increase, as of March 31. Chicago-based Alliant CU posted the second-highest growth rate at 15.3%, followed by Vienna, Va.-based Navy FCU's 11.8% membership growth.

Some credit unions are adding members by announcing bank acquisitions. On March 31, Jacksonville, Fla.-based VyStar CU, the nation's 14th-largest credit union by assets, announced that it would acquire Jonesboro, Ga.-based Heritage Southeast Bancorporation Inc., marking the largest credit union-bank deal in U.S. history. In August 2019, Vystar completed its acquisition of Perry, Fla.-based Citizens State Bank, contributing to its 7.7% increase in member count over the last 12 months.