From Our Market To Yours

This week is devoted to spotlighting the expansion successes of four credit unions.

As the year winds down, credit union leaders look ahead to all the possibility and opportunity the coming year promises. For credit unions whose 2015 strategic visions include stepping into a new market, have we got you covered. That’s because this week is devoted to spotlighting the expansion successes of four credit unions.

Lake State Credit Union, a $187 million institution headquartered in Moose Lake, MN, spent three decades serving rural communities along the 150-mile stretch of Highway 35 that connects Minneapolis and Duluth before it branched out into its urban endpoints. Now, a new branch in a shared workspace called Duluth Technology Village which attracts entrepreneurs and tech startups, among others has helped the credit union increase its membership 18.3% year-over-year and grow its MBL portfolio at roughly 10 times the average rate of asset-based without a corresponding uptick in delinquency. Learn more about the big moves this smaller credit union is making in The No-Regrets Expansion Plan.

When TDECU initially moved into the Houston market in 2010, it planned to do so one community at time, but Whitney National Bank had different plans for the $2.3 billion cooperative. The acquisition of eight bank branches and mergers with two credit unions gave the credit union the branch footprint it wanted years ahead of schedule. Check out this week’s slideshow, Divide And Prosper, for a timeline of notable events in TDECU’s past, present, and possible future.

Further south, when Corpus Christi-based NavyArmy Community Credit Union converted from a federal to a start charter in 2011, it knew exactly what it wanted to do: expand into Texas’ Rio Grande Valley.

The Rio Grande Valley demographics lay right smack on top of ours, says NavyArmy CEO Sarah O’Brien. That’s a big part of why we chose that market.

Check out A Fresh Market For A New Charter for lessons the Rio Grande Valley taught the $2.2 billion credit union, examples of NavyArmy marketing collateral, and more.

Finally, $2.9 billion Wright-Patt Credit Union shares how member demand and its own desire to grow convinced it to move east for opportunity. The Dayton-based credit union is a year into an expansion strategy that has included three new branches in Columbus, OH, and plans for two more in the coming months.

We’ve had 10% growth or more in the Dayton market every year for the past 10 years, says Darrick Weeks, chief operating officer at the 290,000-member institution. We have to grow revenue to provide value and service to our members. There are a number of ways to do it. Expansion is one of those ways.

Learn about the credit union’s expansion approach in Go East, Wright-Patt.

For those credit unions not planning to broaden your footprint in 2015, there are still plenty of ideas for branching, staffing, community partnership, and more.

Happy Reading.

December 15, 2014

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