SAINT JOSEPH, Mo.-As lovers exchange gifts on Valentine's Day, one tiny credit union here with a unique name will continue its bachelor ways with no plans to find a mate.
In 1956, employees at the Seitz Packing Company facility here organized to create a small credit union to serve the facility. When the time came to name the fledgling cooperative, the packers turned to one of their products.
"They had a line of meats called Lovers Lane, so when members picked the name, instead of using Seitz Packing, they chose Lovers Lane instead," explained CEO Roger Robbins.
Sara Lee bought out Seitz Packing more than 10 years ago and now runs the factory-and supports the independent-minded credit union.
Lovers Lane CU boasts fewer than 800 members, but unlike many single-sponsor CUs whose original sponsor no longer really exists, it's not looking for a merger partner and has actually grown tremendously over the last decade. The 54-year old institution has doubled in size from about $1 million at the start of the millennium to just under $3 million today.
"I have to give that credit to our membership. They have really been super," said Robbins. "People at the plant simply have told each other about it and that's how we have grown."
Robbins, who along with Mary Groneweg are the only two full-time employees at the CU, admitted Lovers Lane has done nothing in particular over the years to drive its growth, except deliver superior member service. The CU only offers simple share and loan products, though its deposit rates blow away the competition at 2.25% on straight shares and 3.5% on time certificates. Lovers Lane does not even offer checking accounts or maintain a website, yet flying under the radar seems to suit it well.
"This day and age people have their checking accounts fairly well established, and we don't want to try and compete with the banks, since they don't like us the way they are," Robbins explained. And just because it's the season for pairing up, Lovers Lane isn't looking to walk down the aisle with a merger partner anytime soon, he added.
Lovers Lane CU, by the Numbers:
Members: 718
Assets: $2.55 million
Year Chartered: 1956
Net Worth Ratio: 13.21%
FOM: Seitz Packing Co. & Family
