Exceptional Service Is Key To Profitability According To Best Practices Of High ROA CUs

July 8, 2008

FOR IMMEDIATE RELEASE
Contact: Katye Long
CUNA Communications; (608) 231-4038
klong@cuna.coop

MADISON, Wis. – Exceptional service is the key to profitability, according to the highly profitable credit unions featured in a new best practices report from CUNA.

Credit Union Magazine Best Practices: Secrets of High-ROA Credit Unions describes the successful strategies of eight credit unions for keeping their return on assets (ROA) well above the national credit union average. These credit unions – ranging from $1 million in assets to $1.5 billion in assets – average a 1.5 percent ROA and say their profitability is a byproduct of exceptional service.

While each of the featured credit unions has taken a different path to achieve profitability, all of them display certain characteristics, like focusing specifically on member needs. They recognize that profitable credit unions can give back more to members through higher deposit rates, lower loan rates, lower and less frequent fees, and ultimately dividends. These credit unions also have an eye on spending, but they avoid cost-cutting measures that negatively affect member service or satisfaction.

Best practices reports on succession planning, serving members of modest means, growing youth membership, business services providers, consumer lending, credit counseling, disaster recovery, risk- based lending, and more also available.

The report may be purchased in print or PDF downloadable format. To purchase, go to buy.cuna.org; enter stock number 28478 in the product finder box. For assistance with downloading this report, call (800) 356-8010, press 3, and use the stock number as a reference.

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About CUNA

With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves 90 percent of America's 8,500 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.

Copyright © 2008 - Credit Union National Association, Inc.