PRINCE GEORGE, Va.-Management at Fort Lee FCU, winner of NAFCU's Federal Credit Union of the Year award among CUs with less than $150 million in assets, believes that developing goals at the beginning of the year is a big key to calling it a success at year-end.
"Having a target to aim for always helps," said Patsy Stuard, CEO. "At the start of the year our management team developed goals for growth and product penetration. From the beginning to the end of the year, we worked toward meeting and exceeding these goals, consistently communicating our status to the staff."
Stuard said that 2008 was a "stellar year of growth" for the CU.
"We believe our outstanding performance resulted not from just one thing, but from several things — a perfect formula of focused planning, targeted product offerings, strategic marketing, superior member service, and generous community outreach," she said. "Knowing our membership and understanding their needs provided a basis for the types of products to offer."
She said the CU's wide variety of product offerings were geared to help the community, as well as to benefit the unique needs of its large military membership base.
"We offer products like the Savings Revolution Account, which is designed to promote healthy savings habits," she explained. "Developed in conjunction with the Military Saves Campaign, it's a separate savings account for our members to contribute small amounts of money on a regular basis."
As a community-chartered credit union, Stuard said it was also important to initiate more broad-based marketing techniques, including TV spots. "The strategic decision to feature our members in our commercials created considerable positive viral buzz as these members became local celebrities to their friends and colleagues."
Stuard also said that extensive community outreach, including Chamber memberships, charity event sponsorships, financial literacy classes and seminars, military organization involvement and financial support, all helped to drive business.
The combination of all of these actions led to 1,033 net new members, share growth of 15.43%, loan growth of 9.32% and asset growth of 14.40% for 2008.
As Fort Lee FCU's members' lifestyles have changed, due to the economic climate, the credit union has been gearing toward helping its members, Stuard said.
"We pride ourselves on the personal attention we give to our membership," she said. "In times like these, talking with members about their individual situations and providing workable solutions for both them and our credit union is key to getting through the rough spots. We have also partnered with a financial counseling agency to have a full-time representative on site that can provide assistance to those members who might need it."
The CU is also focusing on financial education, with online tools that teach budgeting and provide money-saving tips. FLFCU has also increased the number and frequency of financial education classes it offers, and provides training on smart car-buying, home-buying, budgeting and rebuilding credit.
Like others in credit unions, Stuard believes that this economic climate creates a huge growth opportunity.
"Whether people are experiencing unmanageable fees, higher interest rates on loans, or doubt in the stability of their current financial institution, once-satisfied customers are now considering alternative places to handle their financial transactions," she said. "With the possible attention of so many people, we are not missing this opportune time to market ourselves. We strive to provide competitively priced products that entice potential members who may be shopping for more affordable rates. The personal service we offer is also an enticing benefit as more people look for a financial institution that will provide budgeting and cost-saving guidance that works for their individual needs."
