With home values that decreased an average of 56% and an unemployment rate of 13%, it didn't seem likely that there could be any good news to come out of Las Vegas.
Yet Nevada Federal Credit Union Senior Vice President of Marketing Greg Barnes and his marketing team were able break records in new membership growth and mortgage lending in 2009.
"It is a little like Rocky, and while it goes against the conventional wisdom, we saw challenges coming in late 2008 and decided early on to grow our way out of it," said Barnes. "Our thought was that we didn't want to participate in the recession. One of the worst things to do is to totally disappear. So we focused on existing members, but to offset losses, we knew we needed to bring in new members and alternate sources of revenue so we would have a better chance to not only survive 2009 but also give us good footing in 2010."
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