Strategic planning helps SkyPoint soar
The DC-area credit union has changed its name, its charter, and more as it works from a regularly updated strategic plan.
Montgomery County Employees Federal Credit Union is now SkyPoint Federal Credit Union($146.7M, Germantown, MD), a rebranding that’s the result of a strategic journey that has included a new branch, a new name, new charter, and a new direction.
A series of planning sessions beginning in 2013 has produced the guide for this “organic growth-plus” strategy, as described by president and CEO Jim Norris. Since then, the 51-year-old credit union has grown membership by 18%, assets by 53%, and loans by 116%, and there’s more to come.
“Our five- to seven-year goal is to grow to a $500 million credit union,” Norris says.
That would be more than triple SkyPoint’s current asset size and will require making significant headway within the 2.5 million potential membership the credit union gained when it received a federal community charter on Jan. 7, 2019.
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