Credit union welcomes more loans with YMC engagement
Shift from initial resistance to partnership leads to strong results for Welcome FCU!
GREENVILLE, SC (April 22, 2021) — Welcome Federal Credit Union had been engaged with Your Marketing Co. since 2017 when CEO Stacey Mills visited YMC’s headquarters in Greenville, S.C. in 2019. While there, he noticed YMC’s Wall of Fame, highlighting the company’s best performing credit union clients. Welcome FCU was not on it; Welcome FCU was on a different wall.
“I asked Bo, ‘how do we get on that wall?’” Mills recalls, indicating the Wall of Fame. “He responded with a handful of priority items that needed to be addressed to make the shift from shame to ‘fame.’ I took it to heart, and when I returned from that visit I took action. First thing was to get the senior management team to view YMC as a part of our team – just a different department working in a different location.”
Welcome FCU has blossomed since that epiphany. It led to more open dialogue, information sharing and results! Instead of the mostly negative loan growth, which hit bottom at nearly -18% in March of 2019, the $94 million credit union grew loans by 14% in 2020, despite COVID-19. It’s unique land loan program is catching on and bringing in significant interest and noninterest income. Membership growth is moving in the right direction, too.
“Welcome FCU is doing an amazing job under Stacey’s leadership,” YMC CEO Bo McDonald said excitedly. “The shift toward a true partnership has opened doors for them, for YMC in our work with them, and for their members. It’s exciting to see the transformational journey the credit union is on!”
“Amazingly, 2020 was our best year on-record for car loans, even with the lockdowns,” Mills said. “We focused on using our data, educating members about our offerings and things like the true cost of 0% auto loans – but if we did the math and it worked out better for them, we sent them to the other lender for financing – and holding ourselves accountable. Our work with YMC allowed that to happen. The Welcome FCU team is very pleased with YMC’s significant contributions to our success!”
About Your Marketing Co.
Your Marketing Co., is a full-service strategic planning, branding and marketing firm serving credit unions that are not content with the status quo. Since 2008, YMC has helped dozens of credit unions grow their potential through strategy, execution and accountability. And we give a damn!