Start-up Credit Union Hits $2M Mark!

After only 7 months since it’s opening, the Chippewa Eagle Federal Credit Union (CEFCU), located in Mt. Pleasant, Michigan announced it had already reached the $2 million mark in Credit Union assets. Additionally, the Credit Union said its member base was quickly expanding, and is expected to exceed 1,000 members by the end of December. It said its performance thus far has far exceeded original NCUA growth expectations.    

Greg Carroll, President/CEO of CEFCU, said he directly attributed a portion of this rapid member acceptance to the broad product suite the Credit Union was able to promote right out of the gate. He stated that the Credit Union partnered with CU*Answers in providing data processing services, and was a direct participant in their Starting A Credit Union program which provides any new start-up Credit Union nearly all core processing services free – for an initial 2-year processing period. Providing his members a broad level of services allowed them to compete with much larger competitors, including a variety of self-service options such as Online Banking, Audio Response, e-statements, Mobile Web Banking and more. He said the Credit Union had also partnered with CU*Answers in implementing several imaging strategies, including e-receipts, Photo ID and Loan Forms capture. He concluded in saying that CU*Answers was also hosting the CU website and providing Electronic Check Processing services, including image check retrieval to members as part of its total solution.

Scott Page, CU*Answers EVP said this program has been quickly embraced by a number of start-up credit unions nationally, and especially as word about the program was spreading amongst credit union CEO’s. Page stated that a unique part of the program is that it provides every new credit union a much greater opportunity for achieving a level of financial stability, while promoting a well-rounded service offering during this critical start-up period as they are establishing an initial presence. In addition to providing its first 2-years of processing gratis, CU*Answers is committed to sitting down with each credit union CEO following this initial start-up timeframe to better determine their then current financial status, and if additional CU*Answers financial assistance may be warranted.

He said this program has already provided multiple new credit union’s with a renewed level of reassurance and security for being able to get their initiatives started from Day 1 – in a much faster, cost effective manner than ever thought possible. He encouraged any potential new credit union leader to contact CU*Answers for greater details.