LARGO, Fla.-For one successful CU leader here, it's all about the timing: time in the job, time spent with employees, and time spent listening to members.
All of that also led NAFCU to realize it's time to recognize Linda Reynolds for her accomplishments. Reynolds, CEO of Pinellas FCU, has been named CEO of the Year among CUs with assets less than $150 million. She joined the credit union 10 years ago when it had just $29 million in assets, today it has grown to $75 million, adding new products and services, such as ATMs, an automated lending system, debit card, e-statements and billpay along the way. It also grew to five branches from three.
"It also used to take over one to three days to get approved for a loan," Reynolds recalled of her early days with Pinellas FCU. "Now we can do it in 20 minutes."
"I happen to be at the right place, at the right time," Reynolds continued. "A lot really has to do with timing — knowing when you do these things, understanding asset/liability management. You also need to listen to your members. If you aren't responding to your members' needs, then you generally aren't successful."
For that reason, Pinellas FCU surveys its members on a routine basis for new products and services they are seeking. PFCU often expands its offerings in a direct response, making sure to notify new members of the additions and the fact it was member suggestions that led to them.
"I've also tried to create a culture where employees can make an honest mistake and learn and grow," Reynolds stated. "We are also one of the few smaller organizations still offering health care without employees being asked to contribute. I think you need to communicate confidence to your employees and members. If we choose to do the right things, we are going to be OK."
One key, said Reynolds is an honest assessment with staff at monthly meeting on "where we really are."
"I talk about expenses and bonuses," Reynolds explained. "I suggest they come up with ideas, since our overall success is their success, too."
As for the future of credit unions, Reynolds said, "I think we end up making our future based on the decisions we make today."
"I think there will be a lot of credit unions that will merge," she continued. "I think we'll end up with fewer credit unions, but the ones that do survive will end up stronger."
