This week, CreditUnions.com looks at CEO transitions, marketing impact, loan portfolio performance, millennial homebuying, and more.
Here are five don’t-miss data points for the week:
When Richard Stafford took over as CEO of Tower Federal Credit Union on July 1, 2017, he was already familiar with his new role. Thanks to an extensive succession plan developed by his board and predecessor, long-time CEO Martin Breland, Stafford hadspent the previous six months easing into the majority of the duties he’d perform as CEO all with the benefit of real-time coaching.
In A CEO Transition 18 Months In The Making Stafford, who served as executive vice president and senior vice president of memberservices at Tower before taking the helm as CEO, discusses what other industry leaders can learn to ease the transitions in their financial institution’s future.
Measuring the impact of marketing dollars is an age-old dilemma credit unions around the industry face.
Six months ago, marketers at Pen Air Federal Credit Union introduced a digital dashboard to demonstrate the value the team brings to the credit union and the credit union brings to the community.
Created in PowerPoint, the Marketing Impact Board is a part of the quarterly board packet. Currently, the dashboard includes the results of marketing support for business initiatives, such as a credit card campaign reaching 119% of goal with the helpof a new commercial.
Learn more about the credit union’s dashboard in A Strategy To Measure Marketing Impact
First quarter 2017 marked the 11th consecutive quarter that credit unions have posted double-digit lending growth. Total loan balances are now approaching $900 billion and will likely surpass that mark in the second quarter.
To learn more about this side of the balance sheet, check out Lending By The Numbers
For many millennials, including Callahan marketing and engagement manager Victoria Taylor, their only experience with the homebuying process comes from hours watching HGTV.
While television programs on that channel make buying a house look easy, Taylor and her husband learned a thing or two themselves when searching for their first home, beginning with sharing their three house priorities with their real estate agent.
To see what these are, plus how the couple found the right home, check out the third part in Callahan’s recurring series,Two Real Millennials. One Real Mortgage
3.9 Percentage Points
There are three times the number of credit unions than banks in Idaho, and members are making the most of the credit union movement.
The 8.1% member growth posted by Idaho credit unions in first quarter 2017 is 3.9 percentage points higher than the national average, and Gem State institutions post the third-best performance among all 50 states for member, asset, loan, and share growth.
Learn more about the 43rd state in State In The Spotlight: Idaho