NEW YORK - Running a New York City credit union sometimes involves opening a checking account for a famous TV personality. But more than likely it means getting accustomed to a fast pace, says John C. Gibardi, CEO of the $15-million Entertainment Industries FCU.
The Big Apple’s hurried lifestyle and emphasis on success have members leaning heavily on remote access at this credit union, whose core sponsors are CBS and SONY BMG. And when members are in the branch, they don’t have a lot of time, said Gibardi, who’s been CEO of EIFCU for 20 years. “If you’ve never been to New York, the pace of the city will shock you. It’s intense, and just the nature of the city.”
Gibardi points out that home banking and audio response are “key” services EIFCU offers. “So it’s not necessary that members stop in and see us. Some are located around the world.”
No matter if the member is a celebrity or a boom operator, where they live is often what determines how they use the CU, Gibardi offered. “If you’re a New York City dweller, you’re not very interested in a car loan. But if you live on the outskirts, more than likely you are.”
A multi-SEG credit union, EIFCU is located on the 11th floor of an office building in the heart of midtown New York in space rented from SONY. To get into the building, members pass through a security checkpoint, something fairly standard in city buildings following the Sept. 11 terrorist attacks, Gibardi explained.
Diversifying Along With The Sponsor
EIFCU used to exclusively serve CBS. But in the 1980s, CBS diversified and the CU maintained relationships with the sold-off companies and expanded its field of membership. With many members still working in the entertainment business, including some “very recognizable” personalities whom Gibardi chose not to name, the CEO said serving the rich and famous is like working with any other member.
“They have the same financial needs as anyone else,” Gibardi offered. “In the beginning I might have been a little awed by the glitz and glamour of the business and the people, but they’re no different than you or me. They just get a little more attention.”
The personalities of the communities have a greater impact on the credit union, Gibardi suggested. “New York City is a melting pot. There are so many different things going on in all of the neighborhoods that you can’t support a single event like a local fair. Our community involvement efforts are a little different. We try to have a broader reach, getting involved in supporting blood banks, for example. There’s just a lot going on.”
The pace of the city, too, impacts sponsors, which, in turn, affects the CU. “Sponsors are extremely bottom-line oriented and focused on their long-term survival and profitability,” explained Gibardi, who said that often makes the CU “low man on the totem pole. I think there’s less corporate support for credit unions in New York City today. The marketplace is changing.”
New York City is “challenging,” Gibardi said. “As Frank Sinatra said in a song, ‘If you can make it here you can make it anywhere.’ That’s the nature of this town.”(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
