This week on CreditUnions.com looks at why a Texas credit union inked a 10-year naming rights deal to a high school football stadium, three ways to build a remote workforce, how location affects expenses, and more.
Here are four data points you need to know:
In 2006, the Cypress Fairbanks Independent School District, from which the credit union takes its name, completed the $83 million Richard E. Berry Educational Support Center. The complex includes a conference center, a 450-seat theater, a 9,500-seat arena, and an 11,000-seat football stadium.
Until 2016, that football stadium was simply called Berry Center Stadium. But in June of that year, Cy-Fair Federal Credit Union signed a 10-year, $1.5 million naming rights agreement with the school district. Cy-Fair FCU Stadium was born, and the deal took many by surprise.
“People from all over the country were saying, ‘Wait, that’s a high school stadium?’” Dickey says now. “It blew their minds.”
Learn more about the deal and how it has already paid off for the credit union after one year in "Friday Night Naming Rights."
Last year, 43% of employed Americans spent time working remotely, according to a Gallup survey. That’s a 4 percentage-point increase over 2012. Or, put another way, 10% more.
The work world is changing, and credit unions are keeping pace by offering flexible work hours as well as telecommuting opportunities.
In "3 Ways To Build A Remote Workforce," Arlington Community Credit Union, Montana Federal Credit Union, and Truity Credit Union dish on the benefits of remote work options, successful remote work strategies, and the jobs that best lend themselves to telecommuting.
The value of $100 varies from state to state, as illustrated by this map, and purchasing power affects the credit union's bottom line. For example, the relative value of $100 ranges from $84.67 (DC) to $115.34 (MS).
Contextualizing costs based on location can make a big difference when analyzing the bottom line. Learn more in "How Does Location Affect Expenses?"
Credit unions are off to a strong start in 2017. Nearly 1.4 million net new members joined a credit union, the most ever during the first quarter. Balances in every category of share products grew faster over the past 12 months than one year ago. A double-digit increase in share draft balances led the pack.
In a post-recession environment marked by historically low interest rates and an increase in regulations across nearly every business line, credit unions continue to find ways to deliver value to their members.
But to serve members, credit unions must first identify what members need. To see why the success of both the credit union and the member should increase as their relationship deepens over time, read "Get The Job Done For Members."