Member Service, Non-Interest Income, And SEG Strategies

Five data points from this week on CreditUnions.com.

 
 

This week, CreditUnions.com checks out an Iowa credit union that takes employee appreciation to the next level; two Illinois credit unions, one looking to triple its non-interest income streams, another returning to its SEG-based roots; a single-sponsor credit union in Idaho; and three member service successes in second quarter 2016.

Here's five data points you need to know:

15 And 25 Years

As a part of its "Year of the Employee," University of Iowa Community Credit Union adopted forced sabaticals for employees at their 15-and 25-year anniversaries to better promote a healthy work-life balance.

The sabbatical consists of four weeks of continuous leave. During this time, the credit union pays the employee their full salary and benefits, but it shuts off their access to emails and the credit union phone system.

See what else the credit union did for its workers in "The Year Of The Employee"

9.9%

In 2015, 9.9% of the Chicago-based Alliant Credit Union's income came from non-interest sources. That's below its asset-based peer average of 27.9%. 

In the past five years, that proportion for Alliant has been as low as 5.8% — in the first quarter of 2011 — and as high as 12.13% — in the third quarter of 2013.

See the three strategies Alliant plans to use to grow non-interest income in "How Alliant Plans To Triple Down On NII."

4.0%

Year-over-year membership growth at credit unions has increased at the fastest second quarter rate since 2000. Credit unions are now serving more than 106.4 million members.

Learn more about penetration rates and total relationships in "3 Member Service Successes In Second Quarter 2016."

82 Checking Accounts

When Valerie Brooks assumed CEO duties at the $18M Simplot Employees Credit Union in 2011 the institution had 82 checking accounts.

The credit union's sole sponsor, J.R. Simplot Co., is one of the nation’s largest privately held firms, a diversified agribusiness that employs 10,000 people in several states and five countries.

Today, the credit union has more than 400 open checking accounts. See how the credit union was able to grow in "How This Small, Single-Sponsor Credit Union Hangs Tough."

$700,000

In 2012 and 2013, Kane County Teachers Credit Union lost $700,000. But things are different now for KCT. The credit union made $459,666 in net income in 2014 and $877,714 in 2015.

For 2016, the credit union projects it will exceed $900,000. And that's with sharply higher operating expenses resulting from investments in people who hadn't seen raises in three years or more and buildings that hadn't been upgraded in decades.

See how new SEG strategies and a focus on financial health has helped the credit union get back on track in "Anatomy Of Kane County Teachers Credit Union."

 
 

Sept. 6, 2016


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