Press
Educational Community Credit Union exceeds $10 million in commercial loans
KALAMAZOO, MI. (March 6, 2015) — Educational Community Credit Union (ECCU) has exceeded the $10 million mark in commercial loans, up 270% from a year ago. This growth is a result of the credit union’s revitalized focus on providing members with a solution-driven approach and its attention to care by a strong commercial lending services (CLS) team. “It’s about knowing our members and being able to serve their needs, no matter the size of the loan or business,” adds ECCU VP/Commercial Lending Services Kenny Leonard. “We’ve also expanded our staff and do all of our (loan) processing internally, which enables us to actively seek the business, close the loans faster, and provide better member service.”
Leonard joined the staff of ECCU in March of last year and has built on the department’s already excellent foundation. The CLS portfolio, which was $3.7 million in March of 2014, has grown as a result of Leonard’s growth plan and leadership. He reformulated the current staff’s roles and added new experts in commercial lending to serve members in broader capacities. He also restructured the department from its previous CUSO (Credit Union Service Organization) status to a thriving internal department, ran independently by ECCU. “Now we have complete control over all of our projects,” explains Leonard. “We can handle more in our pipeline and the turnaround time for members is excellent.”
ECCU’s overarching CLS vision is to find creative business solutions for its members and to be the preferred commercial lender for the areas it serves. “We take a personal approach in how we serve our members,” says Leonard. “We review the loan not only based on credit scores and ratios, but our entire relationship with the member. We take the time to learn each person’s unique story.”
Leonard has been in commercial banking for ten years and has enjoyed many different facets of the industry. “But ECCU is an incredible organization. After I had become part of the team, I realized it’s this commitment to service that had been missing from my career. It’s the opportunity to put people first with a solution-driven approach, rather than seeking quarter-end profits,” states Leonard. “At ECCU, we always work hard to find a way to say ‘yes.’”
In addition to its $10 million commercial lending milestone, ECCU is also the number one credit union SBA (Small Business Administration) lender in its four-county West Michigan branch footprint. These counties include Allegan, Kalamazoo, St. Joseph, and Van Buren. The credit union is ranked first by both number of loans (or units) and dollars approved. “They’re excellent loans that give balance to our portfolio,” offers Leonard. “For each loan that adheres to SBA guidelines, the federal government provides a guarantee to us for the loan. In turn, members receive an excellent rate and the option of a longer amortization schedule that can help reduce their monthly payments.”
Leonard explains that it’s the collective effort by all ECCU staff that has made the year’s tremendous CLS growth possible. “We’ve worked hard as a team to develop long-term relationships with our members and are always more interested in the story behind the scores, rather than the scores themselves. All of us understand that we all have ownership and responsibility for each member’s success.”
ECCU looks forward to serving more members in 2015 and expanding on it commercial loan products. Leonard personally looks forward to the continued enhancement of its processes and offering new products for better member service.
With seven convenient locations, ECCU is a full-service financial institution serving anyone who lives or works in a 21-county area in West Michigan. For details on credit union membership, visit www.eccu1.org.
ECCU’s VP/Commercial Lending Services Kenny Leonard
About ECCU
Established in 1935, ECCU has grown from serving only Kalamazoo school employees, to serving the greater educational community, to now providing a full range of financial products and services to anyone who lives, works, worships or attends school in any of our 21 Michigan counties. The credit union exceeds $413 million in assets and serves more than 37,000 members. Visit eccu1.org to learn more about membership and why ECCU just feels right, and our members feel right at home.