Growth strategies

The credit unions that grow this year will be those that have built "responsive cultures," according to Sam Kilmer, VP of market development for Harland Financial Solutions.

It's going to take better onboarding in 2013 for CUs to grow walletshare. That's the word from Sean McDonald, director of business development at Mid-State FCU and chair of the CUNA Marketing Council.

Efforts to streamline checking and develop both credit and debit portfolios are essential for CU growth in 2013, according to PSCU.

Dr. Brandi Stankovic, partner at Las Vegas-based credit union consultancy Mitchell, Stankovic & Associates, suggests credit unions allow members to voice how they would like to see the relationship with their credit union.

HOUSTON – El Paso Corporation FCU said last year’s takeover of its corporate sponsor by pipeline giant Kinder Morgan forced the $125 million credit union to seek a merger mate and has asked regulators for permission to combine with $335 million First Service CU.

GADSDEN, Ala. – Family Savings FCU has switched to a state charter, easing the way for the $200-million credit union to serve more potential members in Alabama and Georgia.

CHARLOTTE, N.C. – Charlotte Metro CU is introducing a new marketing campaign that kicks off with a 30-second commercial for the Super Bowl on local TV Feb. 3.

REDMOND, WASH. -- Qualstar CU is paying members $2.5 in bonus dividends this month as a loyalty dividend.

ALBUQUERQUE, N.M. – Rio Grande CU picked up an additional branch with a merger of $30-million, 2,500-member New Mexico Central CU.

Florida Central CU said that in the new year it plans to stick with the same growth strategies that have helped it to prosper over the past year, but will make one adjustment-slightly lower deposit rates.

Estimating again that $400 billion in checking deposits could be on the move this year, one economist recommends CUs exercise excellent expense control to not only protect their portion of these funds, but to grow share from banks.

It's no secret that for any credit union to grow in 2013 it is necessary to market to a younger demographic. Similarly, it's no secret that means investing in technology and other delivery channels, especially mobile. But that's not enough.

CU nimbleness and the ability to turn bank converts into profitable relationships are keys to growth this year.

Credit unions' quickest path to growth in 2013 begins at home.

Beating auto dealers and captive finance companies will be key to auto loan growth in 2013, and one vendor has introduced a solution to help CUs do just that.

One credit union sees no need in 2013 to alter a business model that led to 24% loan growth last year, boosted earnings 59% year over year, and has ROA above 2%.

Credit unions looking to continue growing in 2013 should look no further than the humble checking account, according to Dennis Dollar.

This year Shreveport FCU will focus on making more micro-loans to help small businesses in the Mississippi Delta and Shreveport areas.

To proceed with growth strategies to reach the Hispanic market, the CU must first understand the unique characteristics of the local Hispanic population.

Dollars invested into marketing this year should produce solid growth returns, observed one person who believes a great deal of the member growth CUs enjoyed last year can be credited to bank errors.