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IN.Y. TimesI notes CUs aggressive ads vs. giant banks
MADISON, Wis. (11/3/09)--Some credit unions are using aggressive marketing campaigns to differentiate themselves from big banks, The New York Times business section noted Monday. The Times interviewed Edward Speed, CEO of Texas Dow Employees CU in Lake Jackson, Texas, about the credit union’s campaign to persuade consumers to take their cash out of banks, such as Wells Fargo, and turn it over to smaller, homegrown institutions like his credit union. Speed saw an opportunity to capitalize on public outrage that resulted from taxpayer- funded bailouts that rescued big national banks, the newspaper said. One of his ads targeting national banks reads: “Real Texans bank locally. We respectfully suggest they head on back home and make their profits where they live.” Launching a website, bankwithtexans.org, Speed implores consumers to switch their financial accounts from “out-of-state carpetbaggers” to local institutions, such as credit unions, that have eschewed the risky investments that have beset Wall Street. Credit unions have remained loyal to practices such as accepting deposits and making old-fashioned loans, Speed told the paper. To read the full article, use the resource link. The issue also had a four-page advertorial on credit unions in its business section that features prominent credit union leaders including Credit Union National Association President/CEO Dan Mica. News Now will include a report on it in Wednesday's issue.
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