POTTSTOWN, Pa. — As a community-chartered credit union, one of Diamond Credit Union's growth strategies is expanding its branch network.
Using a formula of member proximity, population and retail destinations, an area located approximately five miles north of the credit union headquarters was targeted for expansion for the $443 million CU's fifth branch, which opened as an out parcel in a new retail center on April 15.
"Everyone at Diamond was incredibly excited to join the Boyertown community, said John Faust, Diamond's president/CEO. "Our staff received a warm response from the local community."
A comprehensive marketing plan was executed focusing on billboards and direct mail. Billboards concentrated on location and the date of the grand opening while the mailer focused on the CU's products, especially checking. The mailer was delivered to residences in a three-mile radius and highlighted Diamond's connection to the community by donating $20 to the local Relay For Life for each checking account opened in the first month.
"This location fits perfectly into our strategic growth plans and has delivered outstanding member value to this community," added Faust.
In the month of operation, the branch opened 126 checking accounts which exceeded the CU's goal by 121%. This total was also a record in checking activity for any new Diamond branch location in the first month, exceeding the previous record by 22%. The branch also had impressive results in other branch metrics, including: MasterCard applications hitting 142% above goal; loan referrals (including auto and home equity) hitting 40% above goal; and business accounts 25% above goal.
In addition to the product and service goals, the new membership goal is to reach 1,000 new members by the end of 2014. Another metric in how the branch has exceeded expectations in the first month of operation: it has already signed up more than 200 new members.
"The reaction from the Boyertown community has been phenomenal since the branch opening and the credit union has leveraged that success to gain publicity throughout the region," Faust said. "We are looking to continue to grow Diamond through additional locations just like this branch that will continue our incredible growth."
