Riverways Federal Credit Union expands with help from CUCollaborate
Riverways FCU was recently granted a large community field of membership expansion, increasing their potential membership by more than 850%
WASHINGTON , DC (January 5, 2022) — On November 3rd 2021, the NCUA approved the addition of a single rural district consisting of 27 Missouri counties to the Riverways Federal Credit Union Field of Membership. The expansion allows the credit union, based in Rolla, Missouri, to now offer services to anyone who lives, works, worships or attends school in the area, as well as businesses and other entities. The combined area, with a population of just under 800,000, will increase Riverways’ potential field of membership by more than 850%.
Consumers are now eligible for membership in the neighboring counties of Dallas, Cole, Franklin, Callaway, Camden, Dent, Miller, Osage, Hickory, Reynolds, Benton, Laclede, Gasconade, Madison, Carter, Maries, Iron, Crawford, Washington, Morgan, Phelps, Wright, Shannon, Pulaski, Webster, St. Francois, and Texas.
Riverways enlisted the help of CUCollaborate to submit the successful application for a rural expansion of their Federal Community Charter, which previously covered four counties in South-Central Missouri, to reach a potential 93,123 new members. CUCollaborate specializes in field of membership consulting services to help credit unions expand their field of membership with their regulator.
“As a credit union, we believe field of membership to be a significant inhibitor to growth,” explained Scott Shults, President and CEO of Riverways. “This expansion represents a critical strategic priority that will help our institution enter into a new period of growth and success. With an achievable business plan, healthy marketing budget and an extensive network of community partnerships, RFCU is excited to expand a legacy of being a hometown financial institution that provides versatile solutions and makes a positive difference in members’ lives and in the communities served.”
CUCollaborate Founder and CEO Sam Brownell was likewise pleased with the outcome. “We are naturally thrilled by Riverways’ field of membership expansion,” he said. “Most importantly, the credit union will now be able to reach and provide services to a host of new members, and increase its overall footprint across the state. Expanding field of membership is key for any institution looking to grow and we are thankful RFCU trusted us to be a part of the process.”
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.
About Riverways FCU
Riverways FCU is a Federal Community Charter headquartered in Rolla, Missouri. Since its inception in 1959, it has been serving its members with exceptional financial products and services that are “positively different.” The credit union was established in 1959 as Rolla Federal Credit Union to serve members in and around the Rolla, Missouri area.