Three High Flyers Share Their Secrets for Success
Uncontrollable environmental factors such as stiff competition, low loan demand and regulatory changes have posed challenges for CUs looking to grow. But some are managing to do just that. Here’s how three credit unions, two in Oklahoma and one in Iowa, achieved growth in the midst of a recession.
Halliburton Employees FCU
When Chris Bower came on board at the $100 million Duncan, Okla.-based Halliburton Employees FCU as its new president/CEO at the end of 2008, he took a careful look at how he could change the CU’s operational system to spur growth. He tweaked some loan rates and tier levels in the CU’s lending department, renegotiated contracts to save on vendor costs, re-evaluated the efficiency of his staffing and rolled out an indirect auto lending program that allowed the CU to reach beyond its membership.
FAA Credit Union
The $502 million FAA Credit Union, Oklahoma City, just celebrated its 65th year in business with a major milestone–reaching $500 million in assets. Since January 2010, the credit union has grown in three key areas of asset size (19%), direct consumer loans (43%) and membership (5.76%), Vice President of Marketing Alison Wolf said. The CU serves nearly 50,000 members in eight of Oklahoma’s counties.
Dupaco Community Credit Union
Dupaco Community CU is a two-time recipient of the Lombard, Ill.-based Raddon Financial Group’s Crystal Performance Award, which recognizes the top ten credit unions with $500 million or more in assets for exceptional growth, income, efficiency and margin management, and the CU’s 2010 financials show why.