MUNCIE, Ind.–Thrive Credit Union here has been approved by NCUA to add a “two-county, well-defined local community” to its field of membership. The credit union partnered with CUCollaborate on the FOM expansion.
Under the previous field, Thrive CU served people living, working, worshipping or attending school—as well as businesses and other legal entities—in its home county, along with some legacy members, a field of approximately 100,000 people.
The credit union reported a successful 2014 rebranding, it began receiving membership requests from neighboring Henry and Madison counties.
“The demographics of Delaware, Henry and Madison counties are very similar,” said Thrive’s President and CEO Brett Rinker. “And with inquiries for membership coming from all three, we wanted to offer all residents the opportunity for membership.”
To resolve the challenge, the credit union turned to CUCollaborate, which specializes in field of membership consulting services specifically for the purpose of helping institutions expand their FOM with their regulator. Working together, the adding of a local community was identified as the best route, with the strategy ultimately leading to a successful application for expansion to the NCUA, according to the company.
What’s Required
CUCollaborate noted that under a community charter, to add a local community to an existing FOM, the area must first consist of contiguous counties and be “well-defined in geographic terms, and must also adhere to NCUA regs of being a recognized single political jurisdiction, or portion thereof, and have a total population no greater than 2.5 million.
The FOM expansion is to a single local community made up of Henry and Madison counties in the state’s central region. The combined area, located entirely within the Indianapolis-Carmel-Muncie, IN CSA, has an estimated population of 292,730 and the potential to increase Thrive CU’s field of membership close to threefold, CU Collaborate reported.
“In addition to building relationships with our members, we have built a reputation of being invested in our community through supporting our non-profit organizations and the small business community regardless of membership status,” said Rinker.
Utilizing Designation
Rinker added that as a CDFI the credit union has been working on a strategy to ensure the CU takes advantage of the designation for a positive impact on its community, including financial literacy efforts.
Added CUCollaborate Founder and CEO Sam Brownell, “We are thrilled to have played a role in Thrive CU’s expansion. Above all, the credit union has now substantially increased its potential field of membership, which will allow it to keep offering its great services, only now on an much larger scale. This progress is vital for any institution aiming to grow and again we are grateful they trusted us to be a part of the process.”