“Any credit union can survive if it has the right management, the right board and the right strategy,” he says. Is Endurance FCU a special case? No, insists former bank regulator Ancin Cooley, CIA, CISA, principal of Synergy Credit Union Consulting and Synergy Bank Consulting, Chicago. Our strategy is to go to more rural areas and build loyalty there.” Other players are fighting it out over the hot spots. “We’ve been focusing on Clinton and Weatherford, and we have plans to expand to the west. “Our strong technology lets us enter markets without brick and mortar,” Harty observes.
With just two branches and a lot of rural geography, Endurance FCU is using its upgraded technology to expand its field of membership east from Elk City, along the I-40 corridor toward Oklahoma City. “We can serve members effectively through our two branches (Duncan and Elk City) and through our digital platform.” Net worth is solid at 10.67%. “We’re set up well for the future,” Bower declares. Tech is not seen as a problem since a 2020 core conversion to Jack Henry Symitar. “It may need a little tweaking,” he concedes. Turnover in the front line is about the same as usual.”īower recognizes that succession planning is expected-that the National Credit Union Administration is pushing it-and Endurance FCU has such a plan but no sense of urgency. “We don’t see much poaching of our top people. “Our location gives us some insulation from all the resignations that are happening nationally,” he observes. We have to price competitively, but we may not feel as much pressure as some.” “We don’t have all the competition that some CUs face. Margins are squeezed, Bower concedes, but the credit union operates in a swath of rural southwestern Oklahoma. Since 2008, Endurance FCU has grown from $79 million to $190 million. The rationale sounds good, but what about meeting the five big challenges: margins, technology, talent, growth and net worth? “We’re very active, very visible in our communities,” Bower concludes, “supporting school and civic activities. That’s $1,750, but well spent for the goodwill it builds and the reputation it earns Endurance FCU, notes Charlsie Harty, chief marketing officer. The credit union attracted some attention last year by giving each of its 35 employees a $50 gift card and telling them to pass it on in the community-to a local charity or a needy person. We might take in a smaller one if they’re in the right location and have the same member focus we do.”Įndurance FCU is sticking to a traditional strategy and role: that credit unions thrive by offering a conspicuous focus on being a good neighbor. Mergers come up in strategic planning sessions, and “we’ve been approached a couple times,” he reports, “but our board is not interested in merging with a larger CU. “We’re confident there will be a place for us,” says Bower, president/CEO of the aptly named Endurance Federal Credit Union, Duncan, Oklahoma. CUES member Chris Bower didn’t see the gloom-and-doom memo. Can they survive without being absorbed in mergers or absorbing other CUs? A lot of smart executives, consultants, regulators and vendors are doubtful.īut maybe there’s a way. Credit unions are caught in a perfect storm, being buffeted by competitive, financial, technological, staffing and regulatory waves.
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