Credit Union Magazine - January 2009 - (Page 51)

SHOPTALK Pillars of the Community Judy Dahl Award-winning community CUs serve all members, not just some. The key to community credit union success is “staying focused on why we’re here—to serve members. We have to be a sustaining resource to [members],” says Rick Hein, CEO of $540 million asset OSU Federal Credit Union, Corvallis, Ore. That approach garnered OSU Federal the Credit Union National Association’s 2008 Community Credit Union of the Year Award in the more than $250 million asset category. Erie (Pa.) General Electric Federal Credit Union, with $172 million in assets, won the Community Credit Union of the Year Award in the less than $250 million asset category. The credit union excels in new-product development and community impact: It gears most new products toward helping members other financial institutions don’t want to serve. The award recognizes community-chartered credit unions that best exemplify credit union ideals, are proactive in their communities, and meet their communities’ diverse needs. Hein and OSU Federal leaders Carlyn Roy, executive vice president/chief operations officer; and Bonnie Humphrey-Anderson, executive vice president/chief financial officer; along with Erie General Electric Federal’s Gail Cook, CEO, and Amanda Grolemund, marketing manager, discuss their credit unions’ paths to success. When and why did you acquire a community charter? Cook: It was in 2006. We Q How did your CU have to change? Hein: The credit union Q ‘Once you’re open to many types of members, you need to prove you’re a pillar of the community and you’re there to stay.’ Amanda Grolemund had a large number of select employee groups [SEG] spread across our community, and it made sense to capitalize on the equity our name carries by expanding to a wider audience. We already had an underserved charter for some of Erie County, and applying for the community charter was the next logical step. Roy: We switched in 1997. Our executive team at the time saw the need— and opportunity—to expand our field of membership beyond the university. In 2002 we added three additional counties. JANUARY 2009t CREDIT had to expand its focus to serve a more diverse membership. Our socioeconomic demographics changed. Some areas we expanded into were classified as underserved, and some had significantly higher unemployment. Grolemund: The community won’t automatically know your membership opens when you change charters. You need to communicate that in every way possible. We spoke with many credit unions prior to the charter [change] who’d already been through the process, so we knew what to expect and how to communicate our status to area residents. Once you’re open to many different types of members, you need to prove to people that you’re a pillar of the community and you’re there to stay. You need to adapt to focus on what’s important to the community through your charitable giving, volunteerism, and product and service offerings. How do you maintain a unique identity after changing charters? Hein: It can be challeng- Q ing. We’ve maintained our name, unlike some other credit unions that continued on page 54 u cuna.orgt UNION MAGAZINE 51 http://www.cuna.org

Table of Contents Feed for the Digital Edition of Credit Union Magazine - January 2009

Credit Union Magazine - January 2009 Contents On My Way Leading Edge Spotlight President's Perspective Game Plan Washington Insider Wright Stuff Executive Suite Reverse Mortgages Come of Age Six Merger Myths Leading-Edge Lenders TwentyFour/Seven Bankruptcy Compliance Tools of the Trade Trendlines Rates & Ratios Council Corner Shoptalk System Scan Marketplace Branching Out Advertiser Index

Credit Union Magazine - January 2009

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