AVONDALE, Penn.-Two credit unions that opened a jointly owned and managed branch say the plan has worked like gangbusters, and one CEO says it could be a model for other institutions.
Sun East FCU and Keystone FCU opened up a combined branch earlier this year ("
"The employees, you would think they all work for the same company," he said. "Right now they're planning their holiday dinner and gift exchange-it wasn't just Sun East and Keystone doing their own; they're all doing it together, which is really nice. They really work well together."
Part of what has led to that success, said Kaczenski, is that neither CU is especially large (their combined assets are less than $550 million) and both institutions have similar philosophies about member service. The entire process exemplifies the best elements of the cooperative model, he said.
"We slowly brought the employees along and shared what the vision was of the combined branch, and then introduced the employees and let them work through it under the expectation of 'Here's what we need to come out of this and there's no exceptions.' ... It was fun to watch; it wasn't our way or their way, it's 'What's the best way to do this?'"
Kaczenski added that several other CUs have approached him about the concept, which he believes for like-minded credit unions is a winning strategy. "For us it's a good strategy going forward," he said. "We're splitting the cost 50/50, [the other CU] can afford to get in because it's half the cost, and we end up saving half the cost of going into a new area."
