Filene Studies Success Behind Large CUs

MADISON, Wis.–A new study by Filene Research Institute seeks to identify the secrets behind the success of large credit unions, specifically focusing on those that demonstrate rapid growth in assets, membership and earnings.Conducted by Filene's former executive director, Bob Hoel, "Thriving Large Credit Unions" found that star credit unions conduct a number of business practices and traits that distinguish them as exceptional performers including:• They are highly effective lenders.• Their members use the credit union extensively.• They excel in high- payoff product and service offerings.• Their members receive more total interest income on their savings.• They operate more branches and are more likely to engage in indirect lending.• They generate more fee income than their peers.• They invest their capital in growth.One of the most exciting findings of the research, Filene said, is the consistency of the key success factors for star credit unions across asset size categories and time frames.