Alliant Credit Union’s Annual Report Reveals Record-Breaking Growth in Loans and Deposits in 2022

02/22/2023 • Press Releases

Member-centric banking philosophy helped grow deposits last year by 2.5% while loans grew 48% (year-to-year)

Chicago, Ill. Feb. 22, 2023—Alliant Credit Union today published an annual report summarizing its banking activities in 2022. Throughout last year, Alliant Credit Union upheld its longtime commitment to putting the best interests of its members first. Alliant’s reputation for providing top-notch member satisfaction is evidenced, in part, by over $300 million in financial returns to members over national bank averages[GA1]  during 2022. And while big banks last year pulled in billions in revenue from overdrafts and other fees at the expense of banking consumers, Alliant continued offering high return rates on checking, savings and certificates—adding up to savings rates that surpassed 18x the national bank average.

Alliant’s elimination of overdraft fees in 2021 left over $3 million in its members’ pockets throughout 2022, the annual report shows. The no-overdraft fee policy didn’t go unnoticed by current and future members. In addition to breaking records in the loan and deposit categories, Alliant membership growth reached an all-time high of more than 760,000 [GA2] members (and growing) nationwide. 

“Alliant is unlike any other financial institution you know. As a digital credit union, we deliver value to you in ways that banks can’t,” said Alliant CEO Dennis Devine.  “Alliant will continue to support the financial needs and goals of our members with our member-centric approach to banking.”

Other highlights in the report include:

• Performance trend overview.
• A summary of notable awards and media mentions.
• Financial statements.
• A review of the guiding principles and values at Alliant.
• A summary of new technology implementation.

The full report is available here

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Alliant Credit Union is a not-for-profit financial cooperative with more than 760,000 members and more than $18 billion in assets. Headquartered in Chicago and founded in 1935, Alliant is the largest credit union in Illinois and one of the largest credit unions in the United States. As an all-digital credit union, Alliant’s mission is to provide members with a tech-forward banking experience coupled with consistent, superior financial value, while simplifying and enabling how people save, borrow and pay.