6 ways to grow to $2 billion

by. Missy Baxter

Mergers are one way to quickly grow assets, but there are other proven methods that enable credit unions to grow safely and steadily.

Some institutions set sites on a specific mark and don’t stop until they hit the target, even if it takes decades.

But what are the secrets to hitting a big bulls eye such as $2 billion in assets?

To find advice on devising a successful growth strategy, CU Times consulted two institutions that recently surpassed $2 billion in assets: Grow Financial Federal Credit Union in Tampa, Fla., and Baxter Credit Union in Vernon Hills, Ill.

“We view growth as an outcome of good strategy and execution,” said Tom Moore, executive vice president and chief financial officer for the 190,000-member BCU. “As it relates to growth, more assets enable BCU to drive higher levels of revenue, leading to reinvestment in products, channels and service, as well as our employees, all of which benefit our members.”

continue reading »