Growth strategies

By taking advantage of consumer frustration with banks, $132-million WestStar Credit Union has successfully driven growth with a "Kick Some Asterisk" marketing campaign, and seen some terrific ROI in the process.

Credit unions often struggle with creating a strong presence in the mainstream media, especially smaller CUs. But San Jose CU has earned a Credit Union Journal Best Practice for the attention it garnered before, during and after Bank Transfer Day.

What has your credit union been doing in 2012 to transform new members into members who use the CU as their primary financial institution?

TROY, Mich. – Michigan Catholic FCU said Friday it has agreed to merge with Dearborn’s First Catholic CU, creating a $410 million faith-based credit union with serving 40,000 members at nine branches to be known as Alliance Catholic CU.

CHICAGO – Polish & Slavic FCU said it has signed almost 9,000 new members and added more than $100 million in deposits after expanding three years ago to the Windy City from its Brooklyn, N.Y., base.

INDIANAPOLIS -- FORUM CU introduced a new rewards checking account, YOUR checking, and features no monthly fees, no minimum balance, free online banking.

EAST LANSING, Mich. – Michigan State University FCU has agreed to acquire Eaton County Educational CU and build a new branch in Charlotte to serve the ailing $33 million credit union’s membership.

KYLE, S.D. -- The first credit union on the Lakota, or Sioux Pine Ridge Reservation opened its doors for business Wednesday.

ALEXANDRIA, Va. – The NCUA Board is expected at next week’s meeting to approve two large community charters, one for Atlantic FCU in New Jersey and the other for The Focus FCU in Oklahoma.

WICHITA, Kan. – Pentagon FCU said its PenFed Realty has agreed to acquire Prudential Dinning-Beard Realtors, the fourth Prudential agency acquired in the past two years by the fast-growing credit union real estate subsidiary.

GLENDORA, Calif. – Members of America’s Christian CU and the local community will enjoy a white pre-Christmas again this year when the credit union sponsors 50 tons of snowfall as part of its seventh annual Snow Day event December 8.

DENHAM SPRINGS, La. – Members of Main Street Financial FCU voted yesterday to approve the merger of their $95 million credit union into Jefferson Financial CU, eleven months after they voted down the merger proposal.

DURHAM, N.C. – Self-Help FCU, which agreed earlier this month to buy 1,100 mortgages originated by the Second Federal Savings and Loan, said yesterday it is also buying the deposits and remaining banking operations of the failed bank.

EAST LANSING, Mich. – Two small businessmen won a $25,000 grant through Michigan State University FCU’s startUP Challenge to help get their new business off the ground.

WOODBURY, Minn. – Postal CU is awarding $1,000 a week this holiday season in cash prizes for members who use their debit cards.

NORTH ANDOVER, Mass. – Merrimack Valley FCU will acquire a branch here when it merges $7 million Merrimack College FCU.

DETROIT, Mich. – Detroit Metropolitan CU has picked up a branch in nearby Clawson with the merger of one-time $34 million Clawson Community CU.

DENVER – Bellco CU will have its name replace Wells Fargo atop the Colorado Convention Center’s theatre under a five-year sponsorship deal to be announced Thursday.

APPLETON, Wis. – NCUA has approved a credit union charter for Thrivent Financial for Lutherans, a $480 million bank that used to be a credit union which will now be known as Thrivent FCU.

Every credit union wants to be a consumer’s primary financial institution. But Neil Goldman said winning the PFI race requires a reality check, because many consumers do not have great views of credit unions.