'Auto Bailout' For Members
DETROIT--The $32-million Communicating Arts CU will leverage $1.5 million in CDFI grant money to back an "auto bailout loan" effort this year that aimes to reduce by half the APRs members are paying on loans from other lenders. "People are asking, 'Where is my bailout? In 2012 we will give it to them. We have a lot of members with car loans at predatory lenders."
Loans To Small Farmers
SHREVEPORT, La.--The $88-million Shreveport FCU is focused on a "Healthy Foods Financing Initiative" that invites farmers in the Mississippi Delta to leverage a crop loan program to expand food-growing operations, start farmers' markets, or purchase low-cost equipment or transport trucks. "We are working in partnership with Alcorn State University's Extension Program," explained CEO Helen Godfrey-Smith.
Seeking To Expand Indirect
CINCINNATI--The $270-million Sharefax CU is seeking to indirect lending. "We'll also add additional electronic delivery channels, including remote check capture and mobile bill payment to streamline operations," said CEO Arthur Kremer.
Cards Get New Attention
LATHRUP VILLAGE, Mich.--The $650-million Michigan First CU here will be focused on credit cards in early 2012, said CEO Michael Poulos.
Maintaining Loan Momentum
WASHINGTON--The $260-million Department of Commerce FCU in Washington, saw loan activity tick up in the final quarter of 2011 and does not want to miss an opportunity. "We want to keep that momentum going in 2012," said CEO Evan Clark.
TUSCALOOSA, Ala.--The $54-million Tuscaloosa CU here will "'push e-channels like mobile phone apps and online lending, a new 24-hour call center via CO-OP Financial Services, and indirect lending," said CEO Tommy Cobb. "Overall, I want to reduce our operating expense ratio by increasing assets rather than cutting costs and, therefore, service."
Sights Set On Site
PITTSBURGH--The $85-million Omega FCU No. 1 project for 2012 is redesigning its webste to incorporate mobile banking in Q1 and automated lending in Q2-Q3, said CEO Troy Garvin. "Our goal is to get 50% of our current e-statement users using mobile banking and approve at least 40% of consumer loan applications through automated lending."
Everyday Is Transfer Day
HOLLYWOOD, Calif.--The $900-million First Entertainment FCU is seeking to make "every day Bank Transfer Day," said VP-Marketing Roy MacKinnon. "I want to stay on top of the Bank Transfer Day momentum. We are creating a campaign that will hit our 350 SEGs hard. It's all about membership this year. But getting them in the door is half the battle, then we have to train our front-line staff to make them drink the Kool-Aid and become profitable members."
Huge Deposits, Big Task
JOPLIN, Mo.--Cindy Atteberry, CEO of the $24-million Joplin Metro CU will do its best to generate enough loans to lay off all the deposits from insurance payouts here following 2011's tornadoes. "In June we received $6 million in deposits and that lowered our loan-to-share ratio to 56.46% and capital to 7.31%. We are seeing some money leaving, but not enough yet. We will do what we can do."
