VERMILLION, S.D.-Despite having just over 2,000 members and $14.5 million in assets, Vermillion FCU CEO Janet Mount said she does not feel that her CU faces any sort of plateau beyond which it can't grow.
"We are very fortunate to have the University of South Dakota across the street, and they are a revolving door for new people coming and going-not only undergrads, but graduate students, people in Ph.D. programs, and the faculty and staff and administrative people who go along with that," she said. "That, I think, has helped us and will help us do the things we want to do."
The advent of online and mobile banking and increased usage of plastic has meant that Vermillion FCU also does not lose many members once they leave college, said Mount. While it does still lose some once they graduate, she said the numbers are in line with normal attrition rates. "We're definitely keeping more accounts than we used to," she said.
Being close to the university has also led to a younger average member age at Vermillion. While most CUs average in the late 40s, Mount estimated that the average Vermillion member is in his or her mid-to-late 30s.
"Because our membership is younger, we they're not afraid to tell us what they want," she said. "We still have our older members who don't necessarily use online banking, but we're giving them what they want, too. They want their information secure and their money where it's safe so that they have peace of mind. And those people that want online and mobile, it's there for them to use."
One other strategy that has helped the CU, said Mount, was building a new headquarters, which it moved into in May 2009.
"It told the community that we're here, we have a presence, and it made not only our members, but the rest of the community see that we're not going anywhere." The CU also grew as a result of that, she said, noting that at the end of 2008 the CU had $8.7 million in assets and just over 1,900 members, whereas at the end of 2012 it had more than 2,200 members and $14.5 million.
Quick Acting
Mount conceded that many CUs also listen to their membership, but said that perhaps Vermillion acts more quickly.
The CU's field of membership is Clay County, South Dakota, and Dixon County, Nebraska, and Mount said that it is considering expanding into another county in South Dakota. "I see things staying on the pace that they are now," said Mount. "I see that we will continue to grow ... we're doing well and we're in a position (to expand), so why not offer our services to others?"
