NCUA Q4 Economic Report: Idaho Success Snapshot
April 3, 2017
While more than 51 percent of the nation’s credit unions had fewer members at the end of Q4, 2016 than a year earlier, Gem State credit unions continued an upward trend, posting a 1.3 percent increase. The picture was even brighter at some credit unions, including Lewiston-based Lewis Clark (45 percent) and Chubbuck-based Idaho Central Credit Union (17 percent).
For Lewis Clark, it was all about leveraging a strategic merger; the right opportunity at the right time.
“Lewis Clark Credit Union has always been financially healthy,” noted Trisha Baker, President and CEO. “When the opportunity to merge in Clearwater Credit Union presented itself, we were excited about growing together and becoming an even stronger credit union.”
And grow together they did. In the final quarter of 2016, Lewis Clark also posted 28 percent growth over the same period the year before. Keep in mind the state average was 7.6 percent and the national average was 4.0 percent.
Idaho Central’s loan growth during Q4 was organic—and impressive—at 16 percent.
The credit union believes, President and CEO Kent Oram said, “that we need to be growing to be able to provide the products, services, and access to accounts that our members want…We keep an eye on what’s going on in the industry so that we can modify what we do to stay relevant.”
Oram describes a culture where member support, employee appreciation, and community engagement help to drive the credit union’s path.
“Every team member comes to work each day with a shared mission to help our members achieve financial success,” he notes. “We do everything in our power to accomplish this mission with every person we come in contact with from new members to business accounts, and helping people who are undergoing hardships. We are engaged in our communities which allows us to interact with those we wouldn’t normally see in our branches. People love to see us supporting the things they care about.”
Read the full report. NCUA States’ Q4 2016.
Editor’s note: Next week’s snapshot takes us to Washington.
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