Fighting to Gain Business Accounts
- Business owners hearing more on what CUs have to offer.
- Banks getting more aggressive on retaining business customers.
- Refinances, helping to keep costs low among CU’s incentives.
Brett Martinez understands that the real, meaningful work starts after a new member joins a credit union.
At the $4.4 billion Randolph-Brooks Federal Credit Union, business lending is as big as the Lone Star State. The Live Oak, Texas-based cooperative has nearly $220 million in member business loans and is active SBA lender participating in many of the agency’s programs, including its Patriot initiative that helps military personnel and veterans. Raddon Financial Group recently ranked the credit union among 2010’s top 20 high performers in the industry.
On Bank Transfer Day, RBFCU opened up 727 new accounts, said Sonya McDonald, senior vice president of market development. In October, the credit union had a 70% increase in membership and a 93% jump in checking accounts compared to October 2010.