CUs Benefit From Banking Troubles
PITTSBURGH -- There has been new evidence that credit unions here and in Georgia were latching on to new growth opportunities from the continuing turmoil and consolidation impacting commercial banks.
"We've already seen four or five business lending accounts come to us because borrowers decided they would rather deal with a credit union," declared Mark S. Brennan, president/CEO of the $648 million Clearview FCU, of Moon Township. Clearview is located in a metro area with a new dominant player, PNC Financial of Philadelphia, the new parent of troubled National City Corp. of Cleveland.
Brennan said he has indeed seen a shifting of deposit business to his CU following the regulator-engineered merger of National City into PNC, which triggered turmoil in the banking markets.
Like other CEOs, Brennan stressed the new growth opportunities for CUs everywhere, adding that awareness and safety and soundness campaigns were starting to take root.
"And let me tell you, the timing of the 'iBelong" awareness campaign couldn't have been better," said Brennan making reference to an ongoing ad campaign of the Pennsylvania Credit Union Association.