Tag: CUSO

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Better, Faster, Cheaper. How One CU Got All Three With a Core Conversion

NACUSO is on a mission to tell stories of collaboration, innovation and cooperation that not only strengthen the credit union movement but also are in the best interests of our members. We believe that we’re better together. We also know that the CUSO model has mitigated the need for many credit unions to merge by obtaining economies of scale and driving efficiencies. CUProdigy is a great example of helping credit unions with a quality cloud based core that is affordable. We heard about the tremendous cost savings and reached out to a recent convert, Roy MacKinnon, CEO of Edwards FCU.

Roy, first, tell me a little about your credit union.

Edwards FCU was founded in 1962 on Edwards AFB in California and was originally chartered to serve personnel on the base. Edwards FCU received a community charter shortly after 2000 as many military base credit unions did.  Today, we serve all of the Antelope Valley, which is nicknamed Aerospace Valley because, in addition to the Air Force base, other major manufacturers are here like Lockheed, Northup Grumman and The Spaceship Company. We are proud to say that Edwards is the only locally born and raised credit union that’s still headquartered in the Antelope Valley.

How did you come to work at Edwards FCU?

I became the CEO of Edwards in May of 2016. Previously, I was with First Entertainment Credit Union for 25 years. This was my first CEO gig and I knew what I was walking into. I was handed a financial statement showing a $120K loss and 7.2% capital the first month. I immediately initiated a freeze on just about everything. By mid-year we were running at an annual loss of about $200K. By year-end, with a significant expense reduction and with the financial benefits of a PSCU conversion, we reduced our year-end loss to just $5,900.

I felt a missed opportunity existed, one that many credit unions encounter when they convert to a community charter – founding segments are ignored. In this case, it was the air base. I told the board that if they hired me, we would go back to our core, get our house in order, and then when we’re a little healthier we’ll go back to the community in a very disciplined way.

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CU*NorthWest to exhibit at the 2017 MAXX Conference

LIBERTY LAKE, WA – October 13, 2017

CU*NorthWest, the 100% credit union-owned cooperative CUSO, announced today that they will be attending the Washington, Oregon and Idaho Credit Union Leagues’ 2017 MAXX Conference in Spokane, Washington, as an exhibitor.

This is the first time all three states have combined their annual meeting. Elizabeth Evans, business development, will be in booth #30 representing CU*NorthWest. The tradeshow, which will be attended by more than 400 credit union professionals, will provide an opportunity for twelve-year-old CU*NorthWest to talk about the CUSO and the cooperative network behind the CU*BASE® software platform. Roughly a third of CU*NorthWest’s existing clients come from Washington/Oregon, and of which many will also be attending the two-day event.

Greg Smith, CEO of CU*NorthWest stated: “It’s fantastic to have three states coming together in one location. It’s a tremendous opportunity for everyone to be able to learn, network and collaborate. The financial industry has many new and evolving challenges and it’s important for credit unions to know what resources are available to help them navigate their way.”

About CU*NorthWest, Inc.

CU*NorthWest was founded in 2005 as a part of the cuasterisk.com network of credit unions and CUSOs. It is a 100% credit union-owned cooperative CUSO located in Liberty Lake, Washington. CU*NorthWest offers a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web site development, network design and security, project implementation and execution services, and a complete eDocument solution. CU*NorthWest provides expertise in implementing technical solutions to operational needs, and helps credit unions form strategic alliances and partnerships. For more information, visit www.cunorthwest.com.

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Which Way? 3 Ways to Prioritize Your Options for Growth

By John Dearing, Managing Director, Capstone

The possibilities may be endless, but your resources are not. For many CUSOs with limited time and money, deciding which ideas to pursue can be a challenge. Here are three ways to prioritize your options for growth:

  1. Start with your vision

The best way to make sure you’re moving in the right direction is to take a step back from all of your ideas and begin by looking at your vision for your CUSO. Who do you want to be as an organization? When you have a clear picture of your goal in mind, it will be easier to visualize what steps you need to take in order to achieve it. Without a clear vision you could end up pursuing options that actually drag you in an opposite direction.

  1. Use tools to stay objective

While it’s natural to be somewhat subjective, after all growth is exciting, you don’t want to make decisions based on emotions alone. Try bringing objectivity into your decision-making process by using tools to evaluate and compare your options. When it comes to external growth, CUSOs can use the Market Criteria Matrix to evaluate the best markets for and the Prospect Criteria Matrix to evaluate acquisition or partnership prospects. These tools can be adapted to evaluate any opportunity for growth.

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