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Credit emergency room cures members woes
TALLAHASSEE, Fla. (7/8/09)--An office full of people wearing hospital scrubs, white tennis shoes and comforting smiles is not the place one would think of to apply for a loan. Flowood, Miss.-based Statewide FCU, a member of the Credit Union 24 network, used a healthcare theme for a three-month promotion to improve members' financial health.
Click to view larger image "Loan doctors" in Flowood, Miss.-based Statewide FCU's "credit emergency room" greet members visiting the local branch to apply for financial assistance. The staff donned the scrubs as part of a three-month fiscal fitness promotion that increased the credit union's loan goal by 50%. (Photo provided by Statewide FCU and Credit Union 24)
Faster than one could say "Stat!" the credit union exceeded its goals. It loaned more than $7.5 million in those three months, a 50% increase over its original goal of $5 million. Everyone from President/CEO Paul Armstrong to tellers and loan officers dressed in scrubs and asked members if they were suffering from "CARpal tunnel" or if they were experiencing "shortness of paycheck." The promotion included reduced interest rates on auto loans, credit cards and loan consolidation, and "fiscal checkups" to ensure financial health. The $69 million asset credit union solved members' financial woes by providing cash needed in a challenging economic climate. "Everyone in the country is experiencing some sort of financial ailment," said Armstrong. "Our promotion illustrated how a financial institution can contribute to members' financial health by offering promotional rates on its loans, credit counseling, and debt consolidation. We just happened to wear scrubs while doing it, which was fun and completely unique, and well-received by our members." The three-month promotion tied in with Credit Union 24's marketing campaign that featured a nurse holding a money bag to represent a newborn child, symbolizing the network's dedication to helping credit unions better care for their members' money through Credit Union 24's financial products and services. Jim Park, president/CEO of Credit Union 24 was "thrilled that Statewide FCU brought this concept further to life right in the credit union's branch. Though we are not dealing with credit union members' health, the benefits they receive through our participants' services create long-lasting financial health and well-being, transcending into a better overall quality of life."
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