Acts of Redstone (FCU) brightness
All-in strategies return steady membership gains.
When other financial institutions took a step back during the Great Recession of 2008, Redstone Federal Credit Union stepped up its commitment to grow its member ranks—and has posted average monthly gains of 1,000 net new members ever since.
That momentum picked up steam last year, when the Huntsville, Ala., credit union added a net 3,000 members in August and 1,600 in November. With 80 percent market penetration in northern Alabama, “I keep wondering where all these new members are coming from,” says Joe Newberry, CEO of the $5 billion Redstone FCU, which currently serves 410,000 members.
To keep up that pace, the credit union is expanding into Murfreesboro, Tenn., next door to booming Nashville. Redstone FCU has two branches in Tennessee and will open a third this year.
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