Billionaires Club: First Financial FCU Keeps a Lid on Costs
If you’re a vendor seeking a contract with First Financial Federal Credit Union of Maryland, be ready to make an attractive–really attractive–offer.
President/CEO Rob Windsor watches expenses carefully, and negotiates aggressively to keep an operating expense ratio of 1.4%, about half of what many peer credit unions have achieved.
At the same time, as a school credit union First Financial’s members have tended to be “a little frugal,” Windsor said.
“That’s good for them, but not real good for our loans. Like a lot of credit unions, we have to struggle to get loans out. The economy has made people nervous about creating more debt.”