RALEIGH, N.C.-More than 30 years ago, Larry Wilson could never really enjoy a Saturday night dinner with his family because he always had to service the ATM at his CU.
As general manager of a small, $3-million credit union that would later become Coastal FCU, Wilson didn't want to dump the job of un-jamming the ATM on any of his staff, so he did it himself.
"When we installed the first ATM in the '80s the machine would jam all the time. If it stuck after hours the alarm on the machine would contact my pager and I'd have to run back to the credit union," recalled Wilson. "I remember a number of Saturday nights when I was getting ready to go out to dinner and I'd have to un-jam the machine. Then it would jam again while I was eating and I'd go back again on my way home."
As ATMs improved so did Wilson's weekends, and he stayed around to be named president and CEO and helped to grow Coastal FCU into a $2-billion institution. After 38 years at the credit union, Wilson will retire on June 30. He will stay on as an advisor through Jan. 1, 2013; EVP and COO Chuck Purvis will succeed Wilson.
In the early days, Wilson said managing the credit union was like running a small business. "I was taking out the trash, reconciling bank statements, granting loans, handling collections, and making sure all the statements got out. The background I had delivering newspapers as a kid and working for my dad, cleaning his office, made me realize no job is too small when you are growing a business."
Witness To Much Change
Wilson took the job at what was then known as IBM Raleigh Employees FCU after working for two years at CUNA Mutual Group as an underwriter. He learned about the opening when the IBM EFCU's board of directors, whom Wilson called on as a CUNA Mutual rep, offered him the position. The credit union initially served only employees of the local IBM plant and has since expanded and changed its name to serve multiple select employee groups.
Like many CU leaders, Wilson has witnessed a great deal of change not only at his credit union but within the industry. The biggest shifts that had an impact on credit unions, according to Wilson, are ATMs and home banking. "Those helped level the playing field with the big banks."
Wilson said credit unions embracing mobile banking will be critical to their future, as will be success in getting elected officials to pay attention to two critical credit union needs.
"We have got to do everything we can to get legislators to raise the member business lending cap and to get credit unions access to secondary capital. These two things are not only essential for the credit union movement to survive, but to the economic recovery as well," said Wilson, who over the years has been actively involved with the trade CU associations, particularly NAFCU
Much of the growth Coastal has enjoyed under his leadership, Wilson said, can be attributed to the credit union's philosophy of always treating employees and members with respect and listening to them.
"You have to realize everyone is not the same and you have to take an interest in their lives and make connections with people. I have always done that, and so has our management team, both with members and employees. Do that and you will have motivated employees who follow the credit union's goals, and members who want to do more business with you."
Moving To Relationship Pricing
Wilson acknowledged that over the last few years the credit union has had to work harder to motivate members, and as a result has instituted a relationship pricing-based VIP Program that returns pricing benefits to members who have deeper relationships. Coastal gave out a $1.5-million special dividend this year only to VIP Program members who actively used the credit union. "As the credit union gets bigger, you begin to have more members who want to get a little more than they give," noted Wilson.
In his 38 years guiding the credit union, Wilson said what stands out for him is the growth of his teams and the reputation of Coastal. "I am proud of the outstanding careers we have helped develop for many of our employees. We have had a number retire with more than 25 years of service, and we have a lot of employees today who have worked at the credit union for more than 25 years. We are held in very high esteem in this community as one of the leading financial institutions."
