This week, CreditUnions.com looks at relationship-based pricing, surviving the booms and busts of an uncertain economy, and credit union earnings data.
Here are three data points you can't miss:
New members who join Leaders Credit Union through indirect loans are presented with a number of offers in an effort to deepen their relationship with the credit union.
One offer, good for the first 12 months of membership, includes $1,000 toward the closing of a new mortgage or refinance, as well as a one percentage point reduction in rate for any new purchase of an auto, boat, or four-wheeler if the member signs up for a checking account, e-statements, or a debit card. In addition, Leaders offers a guaranteed line of credit of up to $2,500 for those who open a checking account.
To learn more about how Leaders, Resource One, and Desert Schools credit unions run relationship-based pricing programs check out "3 Ways To Reward Loyal Members."
That's Meridian Trust Federal Credit Union's 12-month growth rate in net income. That's compared to negative rates posted by state- and asset-based peers. In addition, Meridian Trust’s efficiency ratio of 75.6% easily bested state and peer averages of 88.7% and 87.4%, respectively.
To see how Wyoming-based institution takes in stride the booms and busts of a mineral-based economy, and succeeds, read "Anatomy Of Meridian Trust Federal Credit Union."
Total revenue for all credit unions topped $29 billion in the second half of 2016, an 8% year-over-year growth rate, as the industry worked to satisfy member demand for a range of loan products.
See what helped fuel this revenue growth in "Earnings By The Numbers."