Credit unions were all over the news this week in the St. Louis and Kansas City Business Journal publications. The April 25-May 1 editions featured numerous articles about credit unions, featuring Missouri leaders from Kansas City and St. Louis. Here is a summary of each article:
The List: Largest Credit Unions
The St. Louis Business Journal ranked local credit unions by deposits as of December 31, 2013, to create its weekly list feature. The list includes:
The List: Largest Credit Unions
The Kansas City Business Journal ranked local credit unions by deposits as of December 31, 2013. The list includes:
Carol Minges, CEO of 1st Financial Federal Credit Union
Minges was interviewed about her 20-plus years in the credit union movement and her plans for the future. Her story shed light on the positive impact credit unions have in their communities.
"Our core purpose for existing is to help people achieve their financial dreams. Whether that means helping an existing member save for their children's education, helping an employee develop a career at the credit union or helping a business in our community receive a loan for a new building, we want to be financial dreambuilders. My goal is continue to foster that spirit throughout the credit union so, as a cooperative, we can make a positive, permanent financial impact in people's lives." - Carol Minges, CEO 1st Financial Federal.
A-B Employee's Credit Union tops local list
Anheuser-Busch Employees' Credit Union (ABECU) earned the top spot on the list of 5-Star Credit Unions ranked by the Bauer Financial report, which measures the financial soundness of a credit union. ABECU led the pack thanks to its last quarter performance. The list included:
Executives continue battle over regulations
Credit union leaders weighed in on the ever-growing list of financial regulations, industry trends and the future of credit unions. The Business Journal interviewed Josh Rodriguez, president/CEO of Missouri Valley Federal Credit Union; Dave Osborn, president/CEO of Anheuser-Busch Employees' Credit Union; Patrick Adams, CEO of St. Louis Community Credit Union and Tim Stephens, CEO of Alliance Credit Union. Osborn took the opportunity to share core competencies of local credit unions.
"We have always been able to offer better prices on our products, but it's hard for us to compete with their [banks] marketing campaigns. So we have to be creative to how we get the message out to members." - Dave Osborn, president/CEO ABECU.
When asked about the consolidation of credit unions, Adams capitalized on positive changes in the movement.
"Credit union health is very strong. Consolidation pace has slowed over the past few years. That's a good thing for our credit union movement. There is less consolidation because of improved financial health of smaller credit unions." - Patrick Adams, CEO St. Louis Community.
Low assets could prompt more mergers
The St. Louis Business Journal interviewed Jeff Heuer, a partner at Husch Blackwell, to comment on the likelihood of additional credit union mergers, largely in part to the accelerated burden of financial regulations.
To read the St. Louis Business Journal, visit: http://www.bizjournals.com/stlouis/. (Note: a subscription is required.)
To read the Kansas City Business Journal, visit: http://www.bizjournals.com/kansascity/print-edition/2014/04/25/list-pack.... (Note: a subscription is required.)
Credit unions lobby to save exemption
Dennis Pierce, CommunityAmerica Credit Union CEO, had the chance to differentiate credit unions from banks during his interview with The Kansas City Business Journal.
"Structurally, credit unions are financial cooperatives, which is where the tax exemption comes from, that structure issue. So we don't have shareholders. The people that do business with us own the institution."
Media Tips from MCUA
Being contacted by the media is an excellent opportunity to share the credit union difference and reinforce key messages. If you are contacted by the media, please reach out to the Missouri Credit Union Association (MCUA) for quick tips that can help in the process. Please contact Halley Abbott, VP, Communications, for more information: 800.392.3074, ext. 1346.