EAU CLAIRE, Wis. — Almost overnight 114 bank employees and 25,000 customers will become, respectively credit unionists and members, when Royal Credit Union acquires business from AnchorBank.
RCU CEO Charles Grossklaus acknowledges there will be a big task ahead in sharing the credit union difference with the new staff and members.
"First come the employees, the new members, and then the community," said Grossklaus about the education task ahead. RCU will rely a great deal on its new employees to explain to new members what a credit union is and the advantages of doing business with a non-profit financial institution. "One of the most important things we can do is get the former bank employees involved in the community and developing strong relationships with members."
Grossklaus said RCU will eventually run advertising, but noted the $620-million Menomonie, Wis.-based Westconsin CU for already doing "a great job of explaining the difference between a credit union and a bank to many communities. We'll piggyback off that."
RCU management has informally spoken with some of the bank employees about the credit union difference. "One of the first things we explained to them is that our members are owners and can run for the board," explained Grossklaus. "And that we are not motivated by the bottom line. We're motivated by service to our members."
