Box Butte Public Employees Federal Credit Union expands with help from CUCollaborate
WASHINGTON, D.C. (February 22, 2022) — On February 8, 2022, the NCUA approved Box Butte Public Employees Federal Credit Union (BBPE FCU)’s conversion from a multiple common bond to a community charter, allowing for the addition of a 10-county rural district to its field of membership (FOM).
BBPE FCU, based in Alliance, Nebraska, was looking to update both its products and service area, but was constrained by FOM regulations. The credit union’s previous field of membership was limited to select groups tied primarily to federal, state, and local government employees, and their immediate family members. While once beneficial, the setup no longer proved sustainable for growth as evidenced by an estimated total potential membership of just 2,500.
“As the credit union moves forward in the age of more technology and convenience, the diversity of members and a need to be more open to the community has arisen,” outlined BBPE FCU manager Carrie Winter. “Our FOM restrictions are the biggest hindrance to expanding and reaching these new members.”
To address this, the credit union enlisted the help of CUCollaborate in submitting an ultimately successful charter conversion and rural district application to the NCUA. Under a community charter, an institution has the option of adding a rural district to its FOM, provided it meets certain criteria. The area must first consist of contiguous counties and be well-defined in geographic terms. Further, it must adhere to the NCUA regulations of having a total population of less than one million and a population density of under one hundred people per square mile.
CUCollaborate specializes in field of membership consulting services specifically for the purpose of helping credit unions expand their FOM with their regulator. In this case, the company worked alongside BBPE FCU to prove the area to be added indeed met all these standards, along with the institution’s ability and commitment to serving potential new members immediately.
Ms. Winter stressed the value of the conversion and subsequent expansion, emphasizing how it will allow the credit union to make “several enhancements to products and services offered, including better access to online banking and increased ease in both loan and online membership applications.”
Further, she noted, “the benefits of being a member of BBPE FCU will now extend to an even greater number of community members while still allowing us to stay true to our mission statement of bringing more personalized service with quality to those served.”
The move itself allows the credit union to now offer services to anyone who lives, works, worships or attends school in any of the 10 counties, as well as businesses and other entities. The combined area, with an estimated population of just under 40,000, will increase BBPE FCU’s potential field of membership by more than 1,500%.
Consumers are now eligible for membership in the Nebraska counties of Box Butte, Cherry, Dawes, Garden, Grant, Hooker, Morrill, Sheridan, Sioux, and Thomas.
CUCollaborate Founder and CEO Sam Brownell likewise underscored the importance of the outcome. “It was a pleasure to work with Box Butte, and we are naturally thrilled with their successful conversion and expansion,” he said. “Most importantly, the credit union has now substantially increased its potential field of membership, which will allow it to offer improved services to more people across the entire area. This progress is vital for any institution looking to grow and we are thankful BBPE FCU trusted us to be a part of the process.”
About CUCollaborate
CUCollaborate champions credit union growth through disruptive innovation. The company’s aim is to help credit unions adapt, grow, and succeed long term by offering the innovation, insight, and know-how to help them do it.
CUCollaborate Website: www.cucollaborate.com
CUCollaborate LinkedIn: www.linkedin.com/company/cucollaborate/
About Box Butte Public Employees FCU
BBPE FCU’s mission is to provide financially sound, quality, personalized, competitive service to members, and maintain an adequate capital base. The credit union was originally chartered in 1940 and is based in Alliance, Nebraska, the seat of Box Butte County in the northwestern part of the state.
