This week CreditUnions.com looks at high-risk lending, team-building, brand initiatives, merger questions, and more.
Here are five data points you need to know:
That’s how many miles separate Azalea City Credit Union and Southern Chautauqua Federal Credit Union. Despite this geographical gap, the two institutions lend from the same playbook.
Both work extensively with the types of borrowers who often turn to pay-here lots or payday lenders; they both charge higher-than-market rates for loans; and they both end up with more bad loans than most credit unions their size.
See how they still work a successful portfolio in How High-Risk Lending Reaps Rewards
The financial services industry can move fast, but that doesn’t mean credit unions can’t be prepared. The best way to do that? Turn to team-based learning to achieve the alignment needed to capitalize on strategic opportunities and avoid disruptive threats.
In How To Build A Better Teamcheck out a collection of six articles that show how and why a team-based learning solution works for credit unions.
In a one-day brand camp held in 2016, Listerhill Credit Union released the results of a 2016 member survey. In it, 95% of respondents felt the credit union provided friendly, personal service.
That’s a lesson in positive branding, something the credit union wanted to communicate before launching its new mission, vision, and values, as well as an updated tagline, all of which underscore Listerhill’s community impact.
Learn more in Brand Camp Ensures Employees March To The Same Tune
Over the past 16 years, there have been, on average, more than 50 mergers every quarter.
With numbers like this, most credit union executives have either been through a merger, been approached for a merger, or thought about a merger. If and when the time comes to evaluate a merger, it’s important to consider aspects beyond surface logisticsand dig deeper to the heart of what the new credit union would look like.
In 5 Questions To Answer Before Moving On A Merger credit unions will learn how to spark conversations that will lead to adeeper understanding of the benefits, drawbacks, and other implications of the decision.
Credit unions wrote almost $34 billion more in first mortgage loans than they did one year ago, reporting year-over-year growth of 10.2% as of March 31, 2017. By comparison, the 5,856 U.S. banks in Callahan & Associates’ Peer-to-Peer database issued more than $330 billion in additional loans and reported first mortgage loan growth of 5.7%.
First mortgage loan growth has slowed slightly at both credit unions and banks versus one year ago; however, it is nearing pre-recession steadiness within the credit union industry.
See how credit unions are taming risk and outperforming other financial institutions in Trends In First Mortgage Lending