5 Metrics That Explain Northern Credit Union’s Future Growth

Geographical and service expansions will help the cooperative continue to flourish in its seventh decade.

Northern Credit Union ($287.7M, Watertown, NY) is a growing cooperative. In the past five years, it has added $90 million in assets, 2,500 members, and three new branches, which Northern calls relationship centers. Additionally, the 65-year-old credit union’s share draft penetration rate jumped 10 percentage points to 82%, a function of the North Country cooperative’s focus on relationship banking.

Our vision is to be viewed as world-class relationship builders, says Brian Caird, Northern’s director of underwriting.

It’s that talent for cultivating relationships that helps the credit union foster a continuing cycle of developing products that fit members’ lifestyle and growing the institution. In 2018, Northern converted to a state charter and increased its field of membership from three counties to eight. To coincide with that geographic expansion, the credit union has introduced new products and services to better serve the needs of the new population.

The graphic below shows Northern’s growth strategy in relation to the counties it serves. Of note: In bright blue are the Northern’s pre-2018 counties; in gray are the post-2018 counties.

This is part of the “Anatomy Of A Credit Union” series, presented every quarter by Callahan & Associates. Read more about Northern Credit Union or dive into a decade of archives. Contact Callahan to learn about gaining access today.

April 14, 2020

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