Affinity Federal tops NJ credit union rankings by assets
Basking Ridge-based Affinity Federal Credit Union leads New Jersey credit unions by assets in NJBIZ ranking, highlighting growth of member-owned financial cooperatives.
The Basking Ridge-based institution led the field in asset size, though specific dollar figures were not immediately available from the business publication’s latest survey. The ranking comes as credit unions across New Jersey compete with traditional banks for market share in an increasingly crowded financial services sector.
Credit unions have gained ground in New Jersey over the past decade, offering members competitive rates on loans and deposits while maintaining their cooperative structure. Unlike banks, credit unions operate as member-owned institutions, typically returning profits to members through better rates and lower fees.
Affinity Federal serves more than 100,000 members across New Jersey and has expanded its footprint through strategic mergers and branch openings. The credit union operates locations throughout Central Jersey, including offices in New Brunswick, Princeton, and Edison.
The NJBIZ ranking reflects the growing influence of credit unions in New Jersey’s financial sector. State regulators have encouraged the growth of these institutions as alternatives to large national banks, particularly for small business lending and consumer services.
Industry analysts point to credit unions’ member-focused approach as a key competitive advantage. While banks answer to shareholders seeking maximum profits, credit unions can offer more favorable terms because their primary obligation is to member-owners.
New Jersey’s credit union sector has weathered economic challenges better than many traditional banks, maintaining strong capital ratios and loan performance throughout recent market volatility. The state’s diverse economy, anchored by pharmaceutical companies, logistics operations, and financial services firms, has provided a stable base for credit union growth.
Other top-performing credit unions in the NJBIZ ranking include institutions serving specific industries or geographic regions across the state. Many have expanded beyond their original membership bases to serve broader communities.
The ranking comes as New Jersey financial institutions face pressure from rising interest rates and increased competition for deposits. Credit unions’ tax-exempt status has drawn criticism from banking industry groups, though supporters argue the cooperative model serves communities that larger banks often overlook.
