TY - JOUR
T1 - Credit Unions
T2 - Market Niche or Market Accommodation?
AU - Mook, Laurie
AU - Maiorano, John
AU - Quarter, Jack
N1 - Funding Information:
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This work was supported by the Social Sciences and Humanities Research Council of Canada [grant number 833-2009-1000].
Publisher Copyright:
© 2014, © The Author(s) 2014.
PY - 2015/8/28
Y1 - 2015/8/28
N2 - Credit unions, nonprofit mutual associations also called financial cooperatives, have a lengthy history. The World Council of Credit Unions reports that credit unions are found in 101 countries representing 56,000 credit unions, more than 200 million members, and $1.7 trillion in assets. This study, following earlier research in Canada that found that credit unions are more prevalent in rural communities and small towns relative to the general population and to banks, examines credit union and bank branches in three U.S. states (Arizona, New Hampshire, and Wisconsin). We find that credit union branches are strongly represented in sizable urban communities, and are more likely to be located in low-income zip code areas than banks. The data show not only evidence of a credit union niche market but also a tension between social and economic objectives, and that credit unions accommodate themselves to profit norms, what we refer to as market accommodation.
AB - Credit unions, nonprofit mutual associations also called financial cooperatives, have a lengthy history. The World Council of Credit Unions reports that credit unions are found in 101 countries representing 56,000 credit unions, more than 200 million members, and $1.7 trillion in assets. This study, following earlier research in Canada that found that credit unions are more prevalent in rural communities and small towns relative to the general population and to banks, examines credit union and bank branches in three U.S. states (Arizona, New Hampshire, and Wisconsin). We find that credit union branches are strongly represented in sizable urban communities, and are more likely to be located in low-income zip code areas than banks. The data show not only evidence of a credit union niche market but also a tension between social and economic objectives, and that credit unions accommodate themselves to profit norms, what we refer to as market accommodation.
KW - cooperatives
KW - credit unions
KW - market accommodation
KW - market niche
KW - social economy
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U2 - 10.1177/0899764014538121
DO - 10.1177/0899764014538121
M3 - Article
AN - SCOPUS:84938231364
SN - 0899-7640
VL - 44
SP - 814
EP - 831
JO - Nonprofit and Voluntary Sector Quarterly
JF - Nonprofit and Voluntary Sector Quarterly
IS - 4
ER -