ARLINGTON, VA (June 7, 2016) — The Partnership Federal Credit Union was named the 2016 CUNA Louise Herring Philosophy-in-Action Member Service (assets $50-$250 million) Award Winner for Washington, D.C. by the Credit Union National Association for its Value in Partnership (VIP) Program. The VIP Program is a member engagement program designed to provide more value back to the members the more they use their credit union.
The VIP Program was founded on the principal of providing value to members who actively use the Credit Union, and to tangibly demonstrate to members the value and benefits they receive when they are more engaged. It illustrates how the Credit Union attributes behavior to membership: the more you use us, the more we give back to you. It is the Credit Union’s way of saying thank you to its members for their part contributing to the betterment of the whole. The goal of the VIP Program is to maximize value for members while driving deeper engagement.
“We are honored to receive the esteemed Louise Herring Philosophy-in-Action Member Service Award for Washington, D.C.,” said Theresa Mann, President/CEO of The Partnership FCU. “We believe that everyone in the community deserves value through partnership, and members who actively use our Credit Union deserve more money back in their pockets. The VIP Program has lived up to its promise of providing value to our membership.”
In the inaugural year, the VIP Program helped achieve strategic goals, obtain key metrics and boosted the health of the Credit Union, while maximizing value for our members. It saw over 8% of the membership migrate to enhanced engagement levels, which increased value for each individual member. These engaged members were rewarded with exclusive benefits, including nearly $47,000 collectively put back in their pockets and certificate divided bonuses of up to .50% on each and every Share Certificate held with the Credit Union. As a direct result of a more engaged membership, the Credit Union saw significant loan growth, a higher loan-to-share ratio, an increase in sales of auxiliary loan products and mitigated risk with lower delinquency and net-charge off ratios in 2015.
Each year CUNA honors credit unions with the Louise Herring Philosophy-in-Action Member Service Award, given to a credit union for its practical application of the credit union philosophy within the actual operation of the credit union. It is awarded for internal programs and services that benefit membership and demonstrate their commitment to the practical application of the “People-Helping-People” philosophy.
Louise Herring was an active supporter, organizer and champion of credit unions. She was the Ohio delegate to the 1934 national credit union conference in Estes Park, CO where she signed the original constitution for a national credit union association. Louise believed that credit unions should work in a practical manner to better people’s lives. She saw the credit union as more than just a financial institution. In her own words, “the purpose of the credit union is to reform the financial system, so that everyone can have his place in the sun.”
The Partnership FCU (thepartnershipfcu.com), with the core purpose to serve people who advance and promote the interests of the public, has over $146 million in assets and serves 12,000 members with the belief that every member deserves value through partnership.
