On-Site: Credit Unions Are Making an Impact Where it Matters Most
by: Bo McDonald, President of Your Marketing Co.
I was honored to make a trip back to my home state of New York this week to join the New York Coalition of CDFI’s for their 2012 Annual Conference. Among the attendees made up of various groups and organizations were several credit unions that stood out among the crowd for their commitment to serving their communities.
Chances are, unless you live in Western New York you’re not familiar with the name Southern Chautauqua Federal Credit Union yet this is one of the fastest growing credit unions in the state of New York. I had the pleasure of spending some time with John Felton, the CEO of this blossoming credit union. John has a unique tie to the credit union. It was started in 1953 as Supervisory School District #2 FCU in John’s dining room with his mother as the organizer and volunteer. John’s passion shines through with his dedication to making affordable loans available for basic transportation in the community, along with the innovative Kids Credit Union program that can help children save up to $10,000 by the time they graduate high school.
It’s also worth pointing out the great work from the folks at Cooperative Federal Credit Union in Syracuse, New York. The credit union is led be CEO Ron Ehrenreich, who also happens to be a founding member of the credit union. Meagan Weatherby spent time sharing details about their Matching Down Payment program for auto loans and home mortgages. Cooperative Federal is a unique example of a credit union holding true to its roots and fulfilling the “People Helping People” mantra through the special programs created and offered to their members.
Lastly, there is a credit union nestled in the hills of Upstate New York that has held a special place in my heart for quite some time. When I think of “people over profits” Alternatives Federal Credit Union in Ithaca, New York always comes to mind. CEO Tristram Coffin and Leni Hochman inspire me to return to my office and make this world a better place through my work with credit unions. In addition to the many services provided to the members of the Central New York community, Alternatives FCU has spent a better part of the past decade not just talking the talk but walking the walk by doing a bi-annual “living wage” study and making sure that the Alternatives staff is earning at least that.
Keynote Speaker Michael Swack left conference attendees with a lot to think about. Swack, a research professor of New Hampshire’s Carsey Institute and Whittemore School of Business, told the story of a past student who took on a project researching the declining sale of domestically grown potatoes in Maine. It turned out that once NAFTA allowed Canadian potatoes to be sold in the US, it lowered the price Maine farmers could charge. To make things worse Canadian potatoes were thought to be of higher quality. The project went on to find out how Maine farmers could either compete in the potato farming industry or change course to continue to make a living. In the end, the student made a presentation to the farmers of Maine showing that due to growing demand and less competition, growing broccoli instead of potatoes would be a better business decision for the farmers. While most farmers embraced this information and went on to be successful broccoli farmers, one farmer stuck in his ways wasn’t convinced. “If I had a million dollars, I’d continue farming potatoes until the million dollars was gone.”
Think about it. How many leaders in the credit union movement can you think of that would rather stubbornly farm potatoes until their money ran out than find a new crop that can sustain growth well into the future?
Bo McDonald is president of Your Marketing Co, A veteran of major market media sales and programming, Bo got his start in radio working for a variety of large radio conglomerates including Clear Channel Radio and Citadel Broadcasting. After several years and requests from clients Bo went out on his own to form his own marketing firm. Today, that marketing firm has evolved into a boutique firm serving only the needs of credit unions in the form of marketing, business development, and product development. Why credit unions? Thanks to his parents who are avid credit union supporters, Bo has been a member of credit unions from a young age. www.yourmarketingco.com
