INDIANAPOLIS -
Affordability and convenience are key for the consumers and business owners operating in today's marketplace. In Indiana, credit union members save $150 million annually because of the existence of credit unions; compared to if their only choice was a bank.
And, with 135 credit union shared branching locations in Indiana, there has never been more convenience for Hoosier credit union members.
We think the future is bright for credit unions. The Habitat for Humanity project being undertaken by credit unions in Southwest Indiana is a tremendous example of the cooperative spirit that is alive and well in our state.
Here are some facts and observations that point to the current strength and positive future we think is in store for our Indiana credit unions.
* General growth-Indiana credit unions are growing and adding members. In the past five years, assets have grown an average of 6.48% per year in Indiana with membership growth averaging 1.65% per year. In 2006, assets went up 4.6% over the previous year and more than 12,000 new members came to Indiana's credit unions.
Overall, Hoosier credit unions are in a strong capital position with an average of 11.36% net worth recorded in 2006, making them well-positioned to add new services to meet the needs of growing membership.
* A new credit union charter-Union Baptist Church FCU in Fort Wayne is the newest credit union in the state of Indiana and one of eight new credit unions chartered nationwide by the NCUA in 2006. This new credit union worked with representatives of our league's consulting department as part of the start-up process and made it a priority to join the Indiana League once the charter was approved.
* More specialized branches, services-The next generation of credit union members are being served by an increasing number of student branches and youth initiatives. The NEFE program has reached more than 40,000 Indiana students in the past five years. And, student branches exist in Indiana beginning in the elementary grades, moving up to the high school level. One credit union in our state opened six student branches in 2006 alone.
Service to Indiana's growing Hispanic/Latino population continues to grow, with two of our state's credit unions opening branches this year that cater specifically to the Spanish-speaking population.
* Shared branch growth-In Indiana there are 59 credit union participants and 1.26 million Hoosier credit union members have access to their accounts through shared branching. Recently, Credit Union Centers of Indiana (CUCI) was instrumental in adding a 13-branch Illinois credit union to the CUSC network, which is also growing. Credit unions participating in CUSC have access to more than 2,600 locations in 45 states.
* New award to recognize emerging leaders-Another sign of our league's optimism for the future of the credit union business is the board's recent establishment of The Emerging Leadership Award. Nominations for this award are currently open and as many three non-CEOs from Indiana credit unions will be recognized annually for their accomplishments and for their potential to be an Indiana credit union leader in the future. The first recipients of this award will be recognized at the Indiana League convention in September.
* National Foundation/initiative support - There are several examples of cooperative efforts at the national level. One that comes to mind is the BizKid$ financial literacy program that was underwritten by the National Credit Union Foundation and state credit union foundations.
These foundation groups would not be possible, and their initiatives could not be so far-reaching, without the support of individual credit unions that believe in the benefits of cooperation.
John McKenzie is President of the Indiana Credit Union League.
IT'S YOUR TURN
You've read what others in the movement have to say about the future of credit unions-now it's your turn. What do you believe the future holds for the CU movement, and what needs to be done to strengthen it? Send your thoughts to Managing Editor Lisa Freeman at lfreeman
