IAA Credit Union is Growing!
IAA Credit Union is Growing, By: Sean Wells, CEO of IAA Credit Union
IAA Credit Union is growing! Ten years ago, we closed-out our first-quarter financials with $116 million in managed assets and 12,829 members. This was soon after I had started and just before the “Great Recession” which officially started in December of that year. As we close the first quarter of 2017, I’m happy to report that we have grown to $237 million in managed assets and 16,214 members. We’ve more than doubled in assets and increased members by more than 25%!
This is significant because Credit Unions need to grow to best serve our members. Because returning value to our members is our highest priority, we put a great deal of effort into increasing memberships. As a financial cooperative we must strive to serve our members with the most convenient, cost effective tools and best rates possible while generating revenue to cover the cost of doing business. Membership and asset growth keep credit unions healthy. Just as any other business needs the support of new customers, we too must recruit new members to maintain strong financials and respond to changes in the competitive marketplace.
As a growing institution, IAA Credit Union has the resources to invest in new services and delivery channels that our members and potential members want and need. The growth we have had over the last ten years has allowed us to increase operational efficiency thereby offering our members “one-stop shopping” for all of their financial service needs. Because of our growth we can provide service in expertly staffed branches, in a network of over 35,000 ATMS, over the phone through our service center, via internet access (home banking), and mobile devices (smart phone, tablet or iPad). All this is made possible by the economies of scale that have resulted from healthy growth of memberships and increased assets.
We offer our sincere gratitude for your membership and continued support of IAACU.
Editor’s note: Contact the Cook County Farm Bureau® Member Service Center at 708-354-3276 or email [email protected] for information about joining the IAACU as a part of your membership benefits package.