GREEN BAY, Wis. - For more than 10 years, P.C.M. Employees Credit Union has kept a stranglehold on the top spot of the Return of the Member rankings, securing that position every year since 1997.
“We’re very proud of that,” president Dan Wollin said of the credit union’s position among its peers. “The Return of the Member is all about a balancing act; treating the savers and the borrowers as equally as possible and that’s sometimes difficult.”
Wollin credits the SEG-based institution’s image and relationship with its members.
“We try to play our credit union as a private club that not everybody can join. It’s somewhat of a privilege to join, because not everybody can,” he said.
Wollin nodded to community CUs, saying that he understands their necessity, but pointed out that P.C.M. is not “running in that same line.” While it has far greater accessibility to potential members, there is a challenge in retaining those who already have accounts.
“When we do get a new member we really try to cultivate that relationship and try to keep it long term,” said Wollin. “We can’t have 100 people go out the back door because there are 110 people trying to come in. We don’t have that potential.”
The $115-million credit union has about 7,375 members; though it has limited growth potential due to its tight FOM, the credit union has nearly tripled its asset size in the 11 years since it first ascended to the top of the Callahan charts. About 70% of its assets are in mortgage-secured loans, and even Titletown is not immune to the nationwide housing meltdown. Wollin conceded that there have been a few “sleepless nights” with the foreclosure rate across the country soaring.
“We had been quite busy recently, but the past six months has been difficult for growth. We’ve seen the first decline in lending in a long, long time.”
But the news is not all bad. “On the positive side, our delinquency has actually improved this year compared to last year and it’s absolutely amazing.”
The CU sees delinquency rates at less than a third of one percent, a figure that surprised just about everyone. “We anticipated that it would get more difficult,” said Wollin. “It is a wonderful testament to the membership that they want to do right by the credit union. They are doing their absolute best to keep their end of the bargain.”
Despite inflationary pressure hurting consumers, P.C.M. has seen an increase of more than $7 million in deposits this year, a clear signal that thousands in Green Bay are paying themselves before spending their hard-earned dollars.
“I think people’s tendencies are to spend less, and money is flowing into the credit union,” said Wollin, who fully anticipates another strong year. “We’ve had some concerns as to where we’re headed but we’re still improving every month and that’s all we can ask.”(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
