Posted by CUES member Matt Jones
An opportunity to increase member wealth developed out of a primary credit union need. Superior Credit Union is a $23 million SEG- based CU in Montgomery County outside of Philadelphia. Studies showed the need to better serve members in western Montgomery County due to 40 percent of the membership living along a corridor 15 miles from the main office. A branch was needed to serve member habits and stop erosion from competition.
Management found an excellent location near the center of membership in an old house in a small, family-run shopping area. The office had previously been used as a gift shop, but offered much more space than the credit union could use.
So the credit union’s staff conducted a brainstorming session. The lead question was, “If we owned the building, what would we be doing with the extra space?” The concept of a “Member’s Gallery” was developed, a place where members could display their skills, services and crafts. The office would be a non-retail space where members could connect with other members who have a service or item they need. Members could direct the public to the office to see a display of their quilts, cabinet making or collector trains, or get brochures about their construction services, shops and restaurants.
The credit union's attorney provided a sublet agreement to give the credit union the flexibility needed for displaying items and CUNA Mutual covers liability for items in the public areas.
The credit union is working to strengthen its relationship with its members and become a “go to” source for information about products and services. Included is the benefit of keeping funds in the credit union and building member wealth.
We were lucky to find this location adjacent to a family-run super market that specializes in service. The staff really stepped up to create the concept and the board has supported the staff as we develop the office. Our branch staff is working more as shopkeepers and retailers, maintaining their displays and giving members something new to look at and talk about each visit.
CUES member Matt Jones is CEO of $23 million Superior Credit Union, Collegeville Pa.
