INDUSTRY U P DAT E S
ARKANSAS CREDIT UNIONS
THE REAL STORY
Tax-paying Arkansas banks compete head to head with tax-exempt credit unions. Although they portray themselves as mom and pop shops for people of modest means, today credit unions are a $1.6 trillion industry, with many indistinguishable from banks. The BIG difference—they don’t pay federal income taxes, depriving the U.S. Treasury of nearly $2.4 billion every year.
W HO PAYS T H E TA X E S?
TAXES
PA I D
IN 2019
AR CREDIT UNIONS
$0
AR BANKS*
$342,069,210
ARKANSAS FEDERAL CREDIT UNION
WO U L D H AVE PA I D
$2.3 MILLION IN TAXES
during 2019, had it paid its fair share.
*Includes all applicable federal, state and local, and foreign income taxes
INDISTINGUISHABLE
LARGER THAN MOST
F RO M BAN K S
ARKANSAS BANKS
$$$$$$$$$$
ARKANSAS FEDERAL CREDIT UNION, WITH
SEVEN OF THE TOP TEN
A R K A N SAS - H E A D Q UA RT E R E D
AUTO LENDERS ARE CREDIT UNIONS. INSTITUTION Arvest Bank Arkansas FCU Simmons Bank Bank OZK MilWay FCU Telcoe Federal CU Arkansas Best FCU UARK FCU Diamond Lakes FCU Arkansas Superior FCU
AUTO LOANS ($000) 657,607 601,028 71,126 54,903 45,472 43,175 40,005 30,041 29,608 23,957
NO “COMMON BOND”
A MON G MEMBERS
$1.2 BILLION IN ASSETS,
IS THE LARGEST CREDIT UNION IN ARKANSAS,
LARGER THAN 86%
OF ARKANSAS-HEADQUARTERED BANKS.
ARKANSAS CREDIT UNIONS
LEVERAGE THEIR TAX EXEMPTION
TO GROW DEP OSI TS Arkansas credit unions grew deposits at an
ANNUALIZED RATE OF 3.8% OVER THE LAST 10 YEARS.
$2.5 Billion
$1.7 Billion
NORTHEAST ARKANSAS FEDERAL CREDIT UNION
is among the largest Arkansas-headquartered depository institutions in its market. It has an EVER-EXPANDING FIELD OF MEMBERSHIP including over 350 select employee groups with little in common.
2009
2019 THE ARKANSAS BANKER
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