With nearly $700 million in assets, U.S. New Mexico Federal Credit Union is the oldest credit union in the state of New Mexico, serving members since 1935. Headquartered in Albuquerque, U.S. New Mexico was about to open its newest branch nearly 200 miles away in Farmington. The credit union did not have a branch presence in that part of the state, but did have 1,242 members with car loans only, who lived nearby.download pdf
"Credit unions have an uphill battle in that endeavor. The average credit union in the U.S. is only a fraction of the size of the average bank… about $194 million in assets compared to about $2 billion in assets."
Wendy Bryant-Beswick explains how Harland Clarke helped Generations FCU gain $6.9 million in new credit card balances, impacting more than 3,000 members and opening nearly 900 new credit card accounts.
Many bank and credit union executives are noodling over their branch networks. Do we grow them? Shrink them? Reduce their size? What’s one to do? Since 2008, the number of...