Credit Unions Chart New Territory in 2024

Bo McDonald

As 2024 draws to a close, credit unions across the nation are reflecting on a year of resilience, adaptability, and community-focused innovation. Leaders from some of the most dynamic credit unions share key strategies that fueled growth, the economic trends they navigated, and the lessons they’ll carry into 2025.
​
Across the board, credit unions leveraged customized programs to meet their members’ unique needs, with many focusing on loan growth.
 
The $118 million United Community Credit Union, which serves eight counties in Illinois and Missouri, has seen nearly $12 million in loan growth this year. A year-over-year increase of 15.22%, President Sarah Distin says their credit union has seen its largest growth in mortgages and auto loans.
 
With rising mortgage rates, UCCU’s unique balloon mortgage options have kept rates competitive for top-tier credit borrowers. Meanwhile, the credit union is allowing members to setup auto loan payments that fit their needs while promoting a 2% off coupon to reduce auto loans refinanced from dealerships and other financial institutions.
 
In addition to flexible offerings being critical for credit unions in 2024, Tamara Ciccioli stressed the value of ongoing communication.
 
"We’ve built strong relationships with secondary car dealerships and offered loan rates at or below market, which has been the bulk of our loan growth," said the CEO of New Jersey-based Bridgeton Onized Federal Credit Union. “Maintaining constant contact with members and dealerships ensures we remain top of mind."
 
Bridgeton Onized has seen a 23.5% increase in loan growth. The credit union’s Return on Assets (ROA), which was just 0.26% a year ago, now stands at 0.75%. As Bridgeton Onized has been working to become a more well-capitalized credit union, it’s net worth is at its highest level since March of 2020.
 
On the membership front, Inspire Federal Credit Union in Pennsylvania adopted a multifaceted approach, including small business banking and indirect lending. A year ago, the $356 million credit union had 15,235 members. Today, they stand at 16,313, a 7% increase.
 
"We’ve added business development staff dedicated to fostering relationships with local businesses. This has brought in new checking accounts and small business loan opportunities, “ said Ashley Poller, senior vice president of community banking at Inspire. “Coupled with indirect lending through 50+ local dealerships and our digital-first member experience, we’ve strengthened Inspire’s presence in our community."
​
Late last year, Members Credit Union moved its headquarters from Cos Cob to Stamford, Conn. CEO Kathy Chartier noted the importance of demographic alignment in the credit union’s membership growth, which increased 5.7% year over year. Member’s ITIN lending program has also been transformative to the Hispanic immigrant community.
 
"Our new headquarters in Stamford positions us to better serve a diverse community where 30% of the population is of Latino origin. This has significantly boosted accessibility and membership growth,” she said. “By addressing our member’s needs with personalized products and exceptional service, we’ve built trust that generates member referrals and fosters long-term relationships."
 
Looking ahead, credit unions plan to carry forward with a focus on refining operations, enhancing technology, and staying connected to their communities.
​
"Local industrial growth has created higher-paying blue-collar jobs, which has increased loan demand,” Distin said of the region UCCU serves. “"We will continue to lean into what we do best –customized, competitive loans – and improve the efficiency of delivering these services."
 
Inspire, too, has adapted to shifting consumer behaviors. Poller said the current rate environment keeps consumers on edge, and competitive deposit accounts have opened new opportunities for relationships with the credit union. 
"We’ll continue investing in technology initiatives that add value for members while doubling down on business development efforts to attract meaningful relationships,” Poller added.
 
According to Bo McDonald, CEO of Your Marketing Co., credit unions have the unique ability to turn challenges into opportunities. YMC has helped these credit unions and others bring their vision to life, whether through personalized loan products, marketing strategies or heightened brand awareness.
 
“In 2024, we’ve seen credit unions rediscover their roots – listening to their communities and offering solutions tailored to real needs,” McDonald said. “That’s the foundation of their success, and it’s the roadmap for 2025.

---