Essential Credit Union Relies on LaCorp, SimpliCD When Liquidity’s Tight

David Savoie

Purchasing nonmember deposits through Louisiana Corporate Credit Union’s (LaCorp’s) SimpliCD partnership helped Essential Credit Union continue funding services to its members in recent years, CEO Richard Williams said, particularly the credit union’s indirect auto lending program.

The $390 million Essential CU uses LaCorp for a corporate account for accounts payables and contingency liquidity line of credit, as well as SimpliCD through the corporate’s platform. LaCorp has $187 million in assets, a nationwide field of membership and is based in Metairie, La.

It’s not just the money management Williams is after from LaCorp; he appreciates LaCorp CEO David Savoie’s unique background as a former regulator to provide solid guidance.

“David taking time to reach out and talk with me has been a big plus,” Williams said, “because we’ve had other corporate credit unions we have worked with, but none have taken the time to actually reach out and talk to us from a member perspective just to see how things are going. What else can we do as a corporate credit union to really help you guys?”

That personal touch is what continues to set LaCorp apart despite most people’s rush to self-service.

“While we offer high-tech services, we also want to remain high touch, too,” Savoie said. “I’m incredibly proud of the job our team does for all our members, and I appreciate that Rich takes our input to heart. It’s been great to work with Essential Credit Union.”

“Having someone with David’s experience, being able to talk about the current market and economic conditions, is helpful because he brings a perspective you’re not going to get from someone who doesn't come from a regulatory background,” Williams said. “David does a good job of sharing that type of information, and he's not coming from a place of being preachy. He is simply sharing his experience and view of different economic cycles and what's going on in a safe forum for his members to have conversations.”

Williams added, “David does a good job of trying to find ways to squeeze out a few more basis points for his members to have a few more dollars flow to their bottom line so they can serve their members better.”

---