Behind the Vault

Rationalizing effort and investment in how and where you serve clients is difficult to get right. It is trickier still to do so with the resources of the community FI. In this episode, we talk with Chris Turnley, EVP of Member Experience at University Federal Credit Union (UFCU) in Austin, Texas. Chris shares how his background in consumer services and fintech has helped shape a winning strategy f...

In this episode, Laura Worzella, Chief Operating Officer of OneAZ Credit Union, discusses building a strategy for long-term success based on market and demographic trends. From slow-moving generational shifts in population to the rapid changes new industries can bring to a region, staying ahead of your community's evolving needs can be difficult. Laura shares OneAZ's insights and approach to doing...

Everyone is worried about CRE debt, but there is less consensus about how much to worry. In this episode, we talk with Greg Freedman, co-founder and CEO of BH3 Management. BH3's business model was born out of the mass of distressed commercial real estate paper in 2009. Greg shares with us his perspective on the past 15 years of the market, how today compares to the last crisis, and what indicators...

For community FIs, spending on digital channels and other technology often comes at the expense of opening new branches. This isn't the case for Ascend Federal Credit Union of Tennessee. President and CEO Matt Jernigan shares the growth strategy of the $4 billion credit union and the central role physical branches play. Matt talks about how design, technology, and winning local relationships help...

In this episode, we discuss the history of economic inequality in America with Kevin Cohee, Chairman and CEO of OneUnited Bank. Kevin shares how his family's legacy in financial justice shaped his upbringing and the vision he has for the way banking can play a role in equality and justice today. You can learn more about OneUnited's founding and growth in our earlier discussion with President and C...

In this episode, we talk with Elizabeth Magennis, President of ConnectOne Bank, about the resilience and adaptability of retail banking in today's market, particularly in the face of economic downturns and the rise of fintech. Elizabeth offers insights into ConnectOne's growth and acceleration during the 2008 financial crisis and its continued evolution, even living in the direct shadow of the lar...

Tackling systemic problems like access to housing requires aligning all the way from partnership to the very core of an institution's charter. Washington State's Verity Credit Union is in the process of reinventing itself and its ecosystem of partners to do just that. Ziquora Banks, Chief Impact Strategy Officer, joins us to share Highlights from this episode: - Verity's almost 100-year history an...

In this episode, we follow up on our discussion of the pressure facing community FI leaders and look at only a few of the many ways they are taking bold and differentiated positions in the market. These few examples demonstrate the seemingly endless ways in which community banks and credit unions are earning the loyalty and continued growth of their customers and members. By picking unique offerin...

In this episode, we review our more recent discussions with community FI leaders and identify the pressing themes they are facing in today's market. We look at the common demands and priorities that are driving the agenda of community banks and credit unions. We hear from a broad set of leaders and their approach to increasing regulatory demands, growth, changing customer demographics, and keeping...

New or de novo banks and credit unions are rare, even more so when born from existing community institutions. Pennsylvania's Community First Fund did just that in 2022. Jonathan Encarnación, Senior Vice President and Chief Retail Officer, shares the story of Community First Fund, the underserved market it serves, its growth through mergers, and its launch of a consumer deposit institution after 3...

While every financial institution has education in its service model, differentiating on financial wellness requires a deliberate and sustained effort. In this episode, we hear from Bree Shellito of Colorado's Ent Credit Union. Bree shares Ent's history and playbook for scaling financial coaching from a small core team to all of their 500,000 members and community touchpoints. - Ent's model for co...

Retooling how your key stakeholders interact with your brand is a high-stakes exercise. Addressing the need to stay relevant, the divergent generational needs of your members and customers, and aligning your critical front-line employees can be a juggling act. Michigan Legacy Credit Union is in the process of reinventing not only the look and feel of its branches but also how it directly interacts...

Community involvement that works requires both authenticity and creativity to meet changing and generational needs. In this episode of Behind the Vault, we look at Vista Bank's approach to community outreach, which uses a blend of financial education and sports. Joining us are Cathy Landtroop, Chief Marketing, and Communications Officer, and Lubbock Smith, VP and Director of Community Development...

The merger of non-profit financial institutions like credit unions brings unique challenges and measures of success. With the recent mergers of Charlotte Metro Credit Union, Premiere FCU, and Parsons FCU into the $1.5B Skyla Credit Union, COO Geri Hopkins and CFO Brett Fisher share their first-hand experience managing transactions like this. In this episode, we discuss the importance of market ana...

The operative word in community banking is community. Sometimes, a community extends beyond a local geography. OneUnited is an example of a community financial institution that has evolved to meet this definition of community. With over $600M in assets, OneUnited is the largest black-owned bank in the US. It leverages technology and its unique approach to banking to serve a distinct community of c...

The cliché that a failure to plan is a plan to fail often rings true of local initiatives of community FIs. Ryan Harvey, CEO of Family Trust FCU of Rock Hill, SC, shares their approach to community impact and the deliberate efforts they've made that led to 1 in 5 residents joining their credit union, even in the shadow of banking metropolis Charlotte. Highlights from the episode: - Family Trust's...

Sometimes, the name says it all. This week, we speak with Lex Ford, President and Director of Climate First Bank. A Central Florida de novo bank started in 2021, Climate First aims to use banking to reduce atmospheric CO2. But the bank isn't just for those looking to work with like-minded businesses. Lex shares the organization's philosophy and approach to internal alignment and bringing as much o...

Few things have impacted community financial institutions like the regulatory landscape that emerged from the Great Recession. Our guest, Miriam Mitchell, Chief Lending Officer at Addition Financial, shares her insights on adapting to the Dodd-Frank Act and the approaches they are taking with today's housing market. Highlights from our discussion: * The two-edged regulatory sword of Dodd-Frank, an...

How does the age distribution in your community directly impact your institution's risk? In this episode, we talk with Gazi Kabas, co-author of the oft-cited paper Population Aging and Bank Risk Taking , which examines the effects on community banks and credit unions when the average age in their served markets quickly grows older. Highlights from our discussion: - Why this team of European econom...

In this episode ww dig into how close ownership opens up a different way of doing business. Glenwood State Bank president Peter Nelson shares the profound impact a purpose-driven approach can have on banking strategy and community engagement. Highlights from our discussion: - The history of the bank and the shift in measuring results from short-term financial returns to stewardship and long-term c...

In this episode, we look at lessons learned from radically embracing a digital-first experience. Amy McGraw, VP of Marketing and Chief Experience Officer at Tropical Financial Credit Union, shares insights from their journey and the hard choices success demands. Highlights from our discussion: - Putting personalization first and the ability to break out of traditional marketing cadences. - The imp...

In this episode, we delve into the journey of BHCU with CEO Gary Golden. With a history going back to 1952, BHCU is taking on a new growth and expansion approach. We look at the strategies and tactics Gary and his team employ to deliver new paths for sustainable growth for an older credit union. Highlights from our discussion: -The strategic pivot to a community charter from a select employer grou...

In this episode, we talk with Mark Arnold, President and Founder of On the Mark Strategies, to discuss the importance of customer experience in community financial institutions. We also discuss the often missed tactics for improving the experience as a powerful competitive advantage. Topics discussed: -Why customer experience is a competitive advantage, and how institutions could be missing out on...

In this episode, we hear the story of the Bank of Ann Arbor's acquisition of UniFi Equipment Finance and its successful entry into an entirely new business line. CEO R.J. Grimshaw joined UniFi shortly after their purchase and led the integration and rapid growth of the business as a product line of a regulated bank. Highlights from our discussion: -Transforming a 35-year-old company into a new cul...

In this episode, we sit down with Gregg Margosian, Chief Operating Officer of Toshiba Global Commerce Solutions, a company deeply embedded in the world of retail store systems. Gregg provides insight into emerging trends of consumer behavior and how that is impacting payment systems in the US. Topics discussed: -Why self-checkout is becoming the norm in retail, with a preference of 85% for shopper...