Mel Valenzuela, CLO, SRP FCU
SRP Federal Credit Union ($928.7M, North Augusta, SC) is taking it to the streets to reinforce the credit union value proposition. The 129,000-member financial cooperative is handing out $100 bills to members spotted sporting the credit union’s decal on their vehicles as they motor around the credit union’s home market of Augusta, GA, and North Augusta, SC.
The Spotter’s Program began last month and the credit union has handed out a baker’s dozen C-notes so far. Here, SRP FCU’s chief lending officer, Mel Valenzuela, shares what it’s all about.
CU QUICK FACTS
HQ: North Augusta, SC
Data as of 06.30.18
12-MO SHARE GROWTH: 7.8%
12-MO LOAN GROWTH: 15.8%
How does the credit union determine how to return value to members?
Mel Valenzuela: We have a strong ROA that consistently exceeds 1.25% and net worth in excess of 11%. We want to give back to members in many ways, which now includes our new Spotters Program.
How do you decide how much to reward and to whom?
MV: We reward all of our members by offering great rates every day, but we specifically give back to our “raving fans.” We consider anyone who sports around with their financial institution’s name on their car a raving fan.