Credit Union Times - Centennial Edition - (Page I12) CeLeBrAtiNg 100 YeArS , SPeCiAL CeNteNNiAL editioN No Longer America’s Best Kept Secret: Marketers Present traditional Message for New Century founded so people like you can have a By MYriaM Di GiOVanni say in how your own financial instituCU Times Senior Staff Reporter HOBOKEN, N.J. — With all the talk of economic tion is run.’ It’s a message that will crisis, Wall Street, bailouts and banks, word is out and resound with a lot of today’s consumers.” credit unions are no longer America’s best kept secret. Taking a page from credit unions’ Major news organizations, financial gurus and across the blogosphere, it seems more and more people are grassroots history has been America’s talking up credit unions as another banking option, and first credit union–the $657 million St. with credit unions gearing up to celebrate their 100th Mary’s Bank in Manchester, N.H. Lookanniversary, the timing couldn’t be better, and credit ing for national attention to celebrate its 100th anniversary, the credit union’s union marketers are gearing up to respond. “Marketing is starting to come full circle. How credit staffers used some good humor and gueunions arrived and exploded on the scene was not from rilla marketing tactics to get on the full-page ads in major newspapers, but it was done by “Today Show.” Not only did they creword of mouth,” said Trey Reeme, director ate a video to invite coof channel integration at the $1.3 billion anchor Meredith Vieira Texas Dow Employees Credit Union in to come to New HampLake Jackson, Texas. shire and celebrate their “What we’ll see in the future will be centennial but they also St. Mary’s Bank’s 100th anniversary as America’s first credit union less about getting brochures online but traveled to New York made its way onto the “Today Show.” become more about conversation between City to present her with credit unions and consumers who want to said Stacey Fontaine, St. Mary’s Bank’s assistant vice presithe invitation in person. do business with us because they want to The brief video described the history of dent of business development. “You should see the blooper be aligned with an organization that mirSt. Mary’s Bank and its importance to the reel. You can tell everyone was having a good time.” rors their own philosophy,” Reeme said. In order to get the video to Vieira, a team of St. community and several people, including Meanwhile, Morriss Partee, the chief Mayor Frank Guinta, asked Vieira to Mary’s employees traveled five hours to Manhattan to experience officer at Everything CU.com come to Manchester and do a profile on St. stand out in front of the studio while holding a paper in Holyoke, Mass., the 100th anniversary Mary’s. Employees joked about treating mask that looked like Meredith Vieira. also provides an opportunity for credit “The Meredith masks were a big hit,” said Fontaine, Vieira “better than Will Ferrell did,” when Morriss Partee unions to reinforce that they have been he famously dropped the anchor on her who was part of the team at the telecast. “Al Roker and and continue to be a force for good. “So many have no idea about the long history of head on live television while ice skating with her. They Ann Curry each wore a mask on camera and asked to credit unions and its significance. Credit unions should also promised to provide Vieira with her favorite drink: keep them.” Vieira did greet the St. Mary’s contingent and accepted maximize this opportunity as part of its ‘we’re here for Rhode Island staple, Del’s Lemonade. The video then showed a montage of people enjoying the Del’s, includ- some token gifts, including an anniversary coin set with you’ message,” Partee said. silver dollars from both 1908 and 2008 as well as packets “The anniversary can be presented in a way that does ing the mayor. “We had a lot of fun making the video. We think it cap- of Del’s Lemonade for her to enjoy. According to staffers matter to current and potential members. It isn’t just about the anniversary but, ‘Hey, this movement was tures the spirit of our credit union and of our community,” she appeared to be clearly touched and amused by the effort to convince her to come to New Hampshire. The “Today Show” stunt resulted in additional exposure for the credit union. Local radio stations and newspapers covered the effort. “We thought this would be an entertaining and different approach to seeking nationwide attention for our 100th anniversary and the energy and enthusiasm of our employees contributed to the success of the effort. By Department of Agriculture, which also provided funds to sharing details on our Web site, we were able to involve By MicHelle a. saMaaD help establish rural credit unions throughout the state. our members in the fun as well,” said Elizabeth Stodolski, CU Times Senior Staff Reporter Since that landmark legislation, others have gone on St. Mary’s Bank’s director of marketing. “This entire MADISON, Wis. — For many credit unions, business loans have been a part of their product lineups since to build their agricultural lending programs, particularly effort is helping us shine a spotlight on the credit union their creation. However, agricultural loans arguably are in big farming states such as Indiana, North Dakota and industry and our collective century of service.” As for where marketing efforts are headed over the next Minnesota. Many saw growth because big banks viewed the grandfather of all commercial loans. According to CUNA Archivist Gabriel Kirkpatrick, the loans as risky and not large enough to take on, CUNA 100 years, it’s anyone’s guess, but Reeme and Partee say to traces of business lending can be found as far back as noted. The closing of smaller community banks and a expect social media play a role in the marketing mix. “With EverythingCU.com I’ve seen firsthand the the early 1900s, when farmers needing credit in the distrust of loan decisions that were not made locally also power of community, so to me it’s a logical extension of rural South were either turned down by banks or helped to grow farm loans at credit unions. It was not until 1987 that credit unions were subject to what credit unions are all about. What makes social charged extremely high interest rates. “Rural credit was fertile ground for the loan sharks, federal member business lending regulations aimed at limit- media and networking tick is authentic conversations, and year after year, farmers turned over their crops to ing risks, according to CUNA. Unfortunately, member busi- transparency, credibility and engagement in two way help pay exorbitant interest charges on loans made to ness lending programs foundered under the weight of mis- conversations it’s a natural fit,” said Partee. “It’s exciting because right now the social media netkeep their farms operating,” Kirkpatrick wrote in management. NCUA’s analysis of the five largest failures in CUNA’s Archive Almanac. “Should a crop fail, the chanc- each of its six regions during the 1987-1991 period found that work is at the stage that television was in its infancy in es of a farmer extricating himself and his family from a commercial lending was a factor in 16 of the 30 credit union that there is about a 60% penetration of Americans who are online. Let’s face it, once you’re online you can’t go back failures, costing the NCUSIF about $100 million. loan shark’s clutches were virtually nonexistent.” In 2003, NCUA approved a new member business so it is only a matter of time until it is at 95% penetration In 1910, President William H. Taft and the Southern Commercial Congress worked to establish an agricultural loan regulation that gave credit unions a wider door to rate, which is where television is at now,” Partee said. Reeme agreed, adding that one need only look at how credit and lending system based on a European model seen serve the small business marketplace. Among the key by American diplomats, Kirkpatrick noted. Taft received a provisions were streamlining documentation require- the Internet is maturing. “Technology is going to enable us to reach more consumreport on cooperatives in Italy, Belgium and Germany from ments and authorizing “well -capitalized” credit unions to make unsecured MBLs within certain regulatory lim- ers who otherwise wouldn’t know we exist. And what we do Myron T. Herrick, an American ambassador to France. as credit unions in the community and helping our members The outcome looked promising because by then, the its and restrictions. According to Callahan and Associates, as of March get better financially not just in booming times but bad ecoMassachusetts Credit Union Act already enabled the organization of credit unions and urged the president to 2008, member business loans grew 15.7% over the past nomic times is starting to become relevant again–even encourage other states to pass similar legislation, year to $23.4 billion. While the vast majority of business though banks don’t like that,” said Reeme. “The way I see our according to Kirkpatrick. In 1915, the McRae Credit lending in still concentrated in commercial real estate, selling of services in the future is going to be very tailored to individuals and not quite the one-size-fits all mentality.” Union Bill was passed recommending that North Caro- agricultural loans have increased 13% since 2007. —mdigiovanni@cutimes.com —msamaad@cutimes.com lina’s state credit union division be placed under the Farm Loans Helped Spur growth of Credit Union Business Lending Credit Union Times, December 2008 www.cutimes.com http://www.CU.com http://www.EverythingCU.com http://www.cutimes.com
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