Strategies for Credit Unions in a Challenging Economy
SAN DIEGO — Two credit union leaders shared strategies that resulted in record years despite economic challenges at a breakout session during America’s Credit Union Conference last week.
John Cassidy, president/CEO of the $646 million Sierra Central Credit Union of Yuba City, Calif., and Dan Sutton, chief operating officer of the $570 million Kemba Financial Credit Union of Cincinnati, detailed best practice experiences at their credit unions used in 2011. Cassidy warned against overreacting to news, which could cause a credit union to change its investment or lending strategies.
Cassidy said his Sierra Central team saw the housing crash coming earlier than most and was able to react quickly.
“We didn’t have to do any draconian cuts, just cut back staff through attrition,” he said. “It was about trimming down and staying efficient because we didn’t know how far the crisis would go. I credit my team with building a plan, tying down the budget and sticking to it. It helped us have a record year in 2011.”