Cornerstone Advisors Seeks CUs for Benchmark Study
In exchange, you'll get a free copy of the Cornerstone Report 2008: Benchmarks and Best Practices for Credit Union.
Cornerstone Advisors is preparing to survey credit unions of that $350 million and bigger, using survey instruments developed with the help of a 10-credit union advisory board. The report will contain benchmarking information on more than 250 metrics in areas ranging from deposit operations to mortgage banking to enterprise risk management and information technology.
"We firmly believe that the contributions made by an advisory board consisting of peers will produce a collection of credit union data that will be extremely relevant for efficiency and delivery improvements," said Cornerstone Advisors' president and CEO, Scott Sommer.
He said the information would cost individual credit unions "hundreds of thousand of dollars to obtain from traditional research and consulting sources" and "we're offering it for a small investment of their time."
Along with the book itself, participants will receive pre-publication reviews of best practices, peer comparisons and other personalized benefits, Sommer said.
The consultancy expects to publish the survey results and analysis and make it available for general sale later this year.
"As credit unions head into planning season, this will be an indispensable tool in their efficiency and productivity improvement efforts," Sommer stated. "Credit unions in the $350 million plus range that complete this no-charge survey will be able to gauge every function in the credit union objectively."
The Cornerstone Report 2008 Advisory Board comprised CEOs from the $1 billion American Eagle FCU in East Hartford, Conn.; the $670 million American First CU in La Habra, Calif.; the $8.1 billion BECU in Tukwila, Wash.; the $1.6 billion Bellco CU in Greenwood Villa, Colo.; the $2.5 billion Ent FCU in Colorado Springs, Colo.; the $1 billion FORUM CU in Indianapolis; the $432 million Franklin Mint FCU in Broomall, Pa.; the $622 Idaho Central CU in Pocatello; the $520 million Sikorsky Financial CU in Stratford, Conn.; and the $1.9 billion Teachers CU in South Bend, Ind.
This is the sixth in a series of benchmarking studies of banks and credit unions by Scottsdale-based Cornerstone Advisors. The previous credit union study was in 2006.
For more information, go to www.crnrstone.com.