I work with and help small credit unions ($50 million or less in assets) by preparing strategic/business plans, evaluating their financial and member performance and by training new CEOs, including first time CEOs.
According to America's Credit Unions, as of year-end 2023, 2,106 of the 4,700 credit unions have fewer than ten employees, and 2,149 (46 percent) had fewer than ten FTEs. Assuming the (high) majority of those positions are non-management positions, that leaves a lot on management to effectively, compliantly and profitably run their credit union! Thus, the need for collaborating with others!
Walter Merkle I agree. There are organizations, especially CUSOs, that are designed to help small credit unions compete more effectively by providing experience and expert support for many operational functions including compliance and accounting, as well as fractional executive functions like CFOs, CMOs, and even CEOs.
Stephanie Hainje
4mo
Wow. Great insight to the needs of small credit unions.
Strategic Relationships for the betterment of all
4moInsightful statistic. Thank you for sharing. It accentuates the need for collaboration while also indicating their may be value for a small CU to vet and choose a “like-valued” merger partner.