Focus Groups Will Vet Members United's Strategic Plans
Members United is soliciting participants for two private member meetings this month in which the $8 billion corporate will gather feedback on its preliminary strategic, business and capital plans.
In a letter to invited members, President/CEO Joe Herbst said, "It is no secret that Members United will need to make significant changes in its business model, and will need to raise fresh capital, in order to move forward."
Strategies that have been "well vetted by those members who use us most" will provide the best chance of success to that end, he said.
Members United seeks to attract approximately 20 chief executives to Albany, N.Y., on Sept. 16, and to Warrenville, Ill., on Sept. 20, in hopes of generating "a robust discussion among peers, so that we may put forward the best possible plan for all of our owners," Herbst wrote.
In the letter, Herbst also offered to reimburse participants up to $150 for travel expenses.
Victor A. Vrigian, vice president of marketing, confirmed the two meetings and authenticity of the letter. He said the number of participants was limited because smaller groups produce more discussion and feedback.
After NCUA releases its final corporate rule and legacy assets plan, member feedback is compiled and final plans are submitted to Members United's board for approval, Herbst said the corporate will host town hall meetings to share its plans with all members.