SUMNER, Wash.–The $31-million Ironworkers USA FCU here has expanded its field of membership to include ironworkers across the U.S. using an associational charter.
The credit union’s field of membership had previously included ironworkers in five states.
According to the Northwest Credit Union Association, Teri Robinson, the CEO of what was formerly called Pacific Northwest Ironworkers FCU, worked with NWCUA AVP of Regulatory Advocacy John Trull in expanding the charter. Membership is now open to 90,300 Ironworkers, their families, and related businesses nationwide.
The credit union and its board has put in place a three-year strategic plan to fully transition to the expanded charter, although membership is currently open to any ironworker.
For Ironworkers USA, the expansion is just the latest move in a turnaround for the CU. When Robinson took over the CU in mid-2010, it had just $7.9 million in assets and a net worth ratio of 4.8%, requiring it to put in place a net worth restoration plan.
“We were definitely on life support,” Robinson said in a statement to the NWCUA. But she was also confident. “I announced at the annual meeting that someday we would become Ironworkers USA Credit Union.”
Robinson said that when she initially proposed a national FOM, an examiner told her, “I’d take that out of there if I were you.”
The credit union stuck to its vision, however, and today in addition to having more than quadrupled its assets, its net worth is now 10.3%.
In a statement, Robinson also credited Scott Butterfield and Alison Carr from Your Credit Union Partner for helping to get the charter change approved.