Growth strategies

MENLO PARK, Calif. – Tyco FCU, the $103-million credit union for Tyco International, has changed its name to Reach FCU as an outreach to remote members.

GRANDVILLE, Mich. – First United FCU said it converted to a state charter and was granted a field of membership that encompasses 22 counties with a population of almost 2.6 million people, the latest in a growing number of FOM grants awarded by state regulators amounting to some of the broadest community charters ever awarded.

COLUMBUS, Ohio – KEMBA Federal Credit Union has been given approval to start serving people in Fairfield, Licking and Union counties.

DUBUQUE, Iowa – Alliant CU has formed an alliance with Ameriprise Financial and Leibfried & Associates, a local Ameriprise financial advisory practice, to provide financial planning and investment services for the credit union’s members.

ATLANTA – Credit unions looking to introduce a new technology or even themselves to a new market following expansion or a merger might want to take a cue from PNC Bank.

ALEXANDRIA, Va. – Pentagon FCU said it will start charging a $1 a month fee tomorrow for members who continue to pay their credit card bills by paper, as well as increase the year-old fee it charges for receiving consolidated account statements by paper to $1 from 50 cents a month.

TOWSON, Md. – In one of the biggest naming rights deal for a credit union, State Employees CU has agreed to pay $475,000 annually for ten years to have nearby Towson University, the second largest university in the state system, to rename its new 5,200-seat Tiger Arena the SECU Arena.

STROUDSBURG, Penn. – NE PA Community FCU has hired CUSO Financial Services LP to develop a managed investment program for its members.

TOWSON, Md. – State Employees CU of Maryland is expected to announce a naming rights deal tomorrow for Towson University’s new $62 million arena, located about 15 miles from the credit union’s Linthicum headquarters.

DETROIT – Fifteen local credit unions this morning rolled out a local merchant funded rewards program with RewardsNOW to help bolster commerce in this financially strapped city.

One person believes credit unions need a new strategy for their websites—one that will actually help generate income.

One person believes that credit insurance and debt protection continue to be a strong opportunity for CUs to drive revenue.

While 10% of clients often account for up to 90% of an organization’s net income, one person pointed out that as much as 50% of an institution’s most valuable clients may be unknown to branch staff.

HIGHLANDS RANCH, Colo. – Fittingly, Red Rocks Credit Union has entered into a partnership with Denver-area concert venue Red Rocks Amphitheatre.

BARTLESVILLE, Okla. – 66 FCU, the one-time credit union for Phillips Petroleum, has changed its name to “Truity” CU, which it said is a play on the words trust and integrity.

BETHPAGE, N.Y. – Bethpage is raffling off a new Chevrolet as part of its month-long “All-American” celebration campaign aimed at underscoring the benefits of credit union banking.

LAKE JACKSON, Texas – TDECU has agreed to acquire seven branches in greater Houston previously slated for closure – along with $34 million of loans and $30 million of deposits at the branches – from Hancock Bank, as part of a sell-off of assets of the company’s Whitney Bank unit.

OTTAWA, Canada—A twenty-something branch manager with Canada’s Bayview Credit Union is offering suggestions on what it takes to recruit and retain people in her generation as employees.Cheryl McCormack told the World CU Conference the keys with Gen X and Gen Y as workers are development, motivation and empowerment. McCormack began in 2006 as a part-time MSR (when her goal was to be an electrician) before being named branch manager in 2012.

PHILADELPHIA – Freedom Credit Union is now paying a $25 bounty to members who refer new members – plus $25 to the new members – as part of its refer-a-friend rewards program.

ALEXANDRIA, Va. – The NCUA Board at next week’s meeting will review a request from San Francisco FCU to expand its community charter from serving the 810,000 residents of San Francisco County to also serve the 725,000 residents in San Mateo County to the south.