CU Impossible names Credit Union Finalists for Makeover
Three Finalists, One Winner – which credit union will it be?
GREENVILLE, SC (October 19, 2020) — The CU Impossible team is very excited to announce the finalists for its strategic credit union makeover:
- $7.9M Greater Cleveland Community Credit Union
- $43M Missouri Valley Federal Credit Union
- $51M Millstream Area Credit Union
With small credit unions going away, rural communities and underserved markets are in jeopardy of losing their financial advocates. Many of the credit unions that work to fill the gaps left by larger financial institutions exiting these towns aren’t aware of the resources available to help them better serve their members and the underserved communities. CU Impossible will perform a detailed analysis of and interviews with each of the finalists to determine which one will earn a holistic plan customized to the credit union. Each partner in the CU Impossible team will work together to create a strategic plan and fulfill the project execution as needed.
Each of the finalist credit unions are deserving. Greater Cleveland, for example, serves the roughly 1 million residents of Cuyahoga County where the City of Cleveland is located. Cleveland is a majority-minority community with roughly 50% of the population being African American and faces a 33% poverty rate. Over the last 10 years, Cleveland has lost 50% of the credit unions that were chartered in the city.
Missouri Valley has experienced some growth under new leadership after several changes at the helm but needs help to expand its reach beyond the relatively affluent St. Charles County into surrounding, more rural counties. “We care about people,” the application read. “We want to make an impact on people’s lives. We want to make a difference. And we are willing to do whatever it takes.”
Millstream Area is facing some of the same challenges as Missouri Valley: loan and membership growth. Employees also have been experiencing a bit of cultural shift with a new CEO after 30 years that’s been affecting the credit union’s overall performance in addition to the coronavirus pandemic. The credit union is ready to stabilize and move forward.
The 2021 winner of the CU Impossible contest receives ongoing consulting and KPIs throughout 2021, including:
- Strategic Planning with Your Credit Union Partner
- Strategic Marketing Plan + Execution with Your Marketing Co.
- Website by uncommn Marketing Partners
- Executive Leadership Coaching with Brian Rollo Consulting Group
- Year of Service and Equipment for 1 Branch with Crosstream
- Year of online auto buying service from Auto Link
The CU Impossible project is supported by industry partners Your Marketing Co., uncommn Marketing Partners, Your Credit Union Partner, Brian Rollo Consulting Group, Auto Link and Crosstream Media. The six companies are collaborating to provide strategic leadership and marketing support to credit unions with less than $100 million in assets.The $16 million Harrison Federal Credit Union in Colorado was the first winner of the CU Impossible contest for 2020.
CU Impossible will announce the 2021 winner on Nov. 13, 2020. For more details about the CU Impossible project or the participating agencies, visit www.cuimpossible.com.
About CU Impossible
CU Impossible is a network of industry partners that can provide services to small credit unions, inspiring them to seek alternatives to mergers and identify the support needed to continue not just operating, but thriving. One credit union with less than $100 million in assets will be chosen for all industry partners involved in this project to receive comprehensive services free of charge.