COLUMBUS, Ohio-At a time when many single-SEG credit unions are expanding their charters, one CU continues to see significant growth opportunity in getting a lot closer to its only sponsor.
The $61 million State Highway Patrol FCU has just opened a new branch inside the Ohio State Highway Patrol Academy here, the school for this state's Highway Patrol cadets. CEO Becky Landis said the location is only the CU's second office since it opened its doors 54 years ago.
"We have been growing well over the last few years, at about 6%," explained Landis, who said the majority of the new members have been coming from the cadets.
The CU's Cadet Program signs up the new hires going through their initial training. SHPFCU shows up at each of the new recruit classes that are held twice a year at the academy, enrolls each cadet in the credit union and drops in the first $5. "We tell them about the CU and we let them know they are immediately eligible to take a credit card with a $750 limit," said Rebecca O'Brien, MSR supervisor mad marketing coordinator.
The new 700-square-foot office will have a prime position, said Landis, right outside of the main classroom. "Cadets have to come by the credit union to go in and out of their training. It's almost a captive audience," said Landis.
The credit union, too, is teaching a financial literacy class to the cadets. Landis said that is the first time an organization outside of the State Highway Patrol has been allowed to be part of the curriculum.
180-Degree Change
It's been a slow process to get closer to its sponsor, said Landis. She noted that four years ago when she took over as CEO, the credit union was not well known among cadets and state troopers.
"I used to invite myself to Highway Patrol functions and I would often hear people say they did not know the Highway Patrol had a credit union. Now I get invited to events. Our situation has changed 180 degrees."
SHPFCU's new office is run by one staff member, is full-service, and is open from 7 a.m.-3:30 p.m. Monday through Friday.
Besides the new cadet classes that are more than 100 strong, the academy has a large number of troopers in school each day, those coming back for their annual in-service training.
"I don't think our future would have been in jeopardy without this office, but I know it is much stronger now," said Landis. "Small credit unions have to find ways to grow, and for us, this is it. Small credit unions face unchartered waters, this new location inside the academy is our beacon of light."
