This week, CreditUnions.com shows the impact of military credit unions on the industry, dives into loan performance, and finds one credit union that has brought video production in-house.
Here are five can't-miss data points:
Nearly 175 military credit unions serve 25 million members nationwide and operate a combined branch network of more than 2,500 locations. But that's just one data point. Learn how military credit unions stack up to the industry as a whole.
Read: Military Credit Unions Lead The Way On Veterans Day
Competition is intensifying as banks big and small plus fintech disruptors vie with member-owned credit unions for wallet share and consumers’ hearts. In this rapidly changing environment, how can industry leaders determine how their institutions are faring? For starters, by understanding their credit union’s financial performance against the context of the wider financial services industry. The interactive dashboard in this blog does just that. It provides a baseline review of loan performance for any credit union plus an asset group, whether you have $10 million in assets or $10 billion.
Read: How Does Lending At Your Credit Union Perform Against Peers?
There are 172 credit unions in the United States that serve 25 million members of the Armed Forces. These credit unions range in size from the formidable Navy FCU — with $110 billion in assets — to smaller cooperatives with a more narrowly defined field of membership, such as Forbes Field Credit Union with $5.7 million in assets. At first glance, these 172 cooperatives might not seem to have a lot in common, but they all are working to deliver real benefits to military members, veterans, and their families. Here, six credit unions offer best practices and tried-and-true tips to better serve and support those who serve.
Read: 5-Star Service For Those Who Serve
Lake Trust Credit Union offers responsible, competitive financial services to retail members. It also views its support of local businesses as core to its mission. The credit union — the continuing institution created by a merger of two Detroit and Lansing credit unions in 2010 — dove into member business lending shortly after and has since built a $200 million portfolio offering a growing list of services as well as loans, with a particular emphasis on commercial real estate. It’s helping members build their businesses, and communities, one loan at a time.
Read: Lake Trust Pushes And Partners To Boost Local Business
When Leigh Anne Bentley joined the marketing team at Leaders Credit Union three years ago, she joined a department that was quickly strengthening its agency credentials. Before joining Leaders, Bentley and Leaders marketing specialist Janet Wylie had each logged time at local ad agencies bringing their talent and resources with them. Wylie brought with her proficiency in graphic design, photography, and video production. The duo used their experience and expertise to bring creative production — including all video production — in-house at the Volunteer State cooperative.
Read: Leaders Credit Union Invested In Video. Learn What Happened Next.
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