NEW ORLEANS - From surging membership and expansions to net losses, credit unions across the Greater New Orleans region are experiencing significant changes. The latest 2024 data on local credit unions paints a picture of transformation with some credit unions outperforming peers with strong earnings and rapid growth, while others face shrinking member bases and mounting challenges. These trends reveal which institutions are thriving and which are struggling to keep up.
Market Leaders and Growth
OnPath Credit Union is the largest credit union in the region in terms of both membership and assets, showing impressive growth in just one year. Membership numbers climbed from 53,745 in 2023 to 85,402 in 2024. This represents a 58.9% year-over-year increase, making it one of the fastest-growing credit unions in the region.
OnPath’s $1.02 Billion net income is also the highest. Unlike banks, credit unions do not distribute profits to shareholders, so OnPath can reinvest in ways that competitors with thinner margins or net losses cannot. This includes expansions.
OnPath is also set to open a new branch in Gonzales on June 21. Over the past year, it also broke ground on a branch in Kenner—its first location in northwest Jefferson Parish—and installed its first-ever ATM in the Central Business District on Poydras Street.
In addition, OnPath is launching a new unified digital platform in June with a redesigned mobile app and online portal including fingerprint and face login, real-time account alerts, Zelle integration, bill pay, account controls, and credit-score monitoring. These features are backed by advanced encryption and two-factor authentication.
Profits Relative to Size
RiverLand Federal Credit Union, with 16,298 members, stands out for its $3.84M net income which is a strong outcome considering its mid-tier size. RiverLand FCU is based in New Orleans with its head office in the CBD. It operates a total of eight offices in Louisiana, Mississippi, and Arkansas, with five branches in Louisiana: New Orleans, Jefferson, Gretna, Killona, and Morgan City.
Declining Membership or Assets
Several credit unions posted declines in membership and assets from 2023 to 2024.
Jefferson Financial Federal Credit Union, the second largest credit union in the region, is experiencing financial strain, posting a $10.18 Million net loss despite holding $703.8M in assets. Its membership also declined year-over-year with approximately 46,246 members in 2023 and 43,370 members in 2024, reflecting a decline of about 6.2%.
Greater New Orleans Credit Union lost 884 members in the same time period, while St. Tammany Credit Union is down from $53.25M to $43.23M in assets.
NODA Credit Union, based in Slidell with two branches in New Orleans, is down in both assets and members, with a $692K loss in 2024 compared with 2023. In 2024, NODA Credit Union reported 2,960 members, down from 3,040 members in 2023, a 2.6% drop.
The Tulane‑Loyola Federal Credit Union is operating at a net loss of $146K. It serves a specific academic which tends to have a relatively small but loyal member base.
High Loan-to-Asset Ratios
Riverland Credit Union, Tangipahoa Parish Teachers Credit Union, and Jefferson Parish Employees Credit Union have loan portfolios that comprise a significant share of their total assets, indicating active lending strategies that may enhance revenue but also increase exposure.
