By Frank J. Diekmann
Sometimes, even in the news of a passing, you find something to smile at.
As you may be (should be) aware, CUToday.info has been working hard to be the publication of record on credit union mergers, reporting not just the mergers taking place but what is being disclosed to members about the reasons for the merger, who is getting paid merger-related compensation, and financial performance details.
That reporting draws upon reports NCUA requires be provided to members, disclosures the agency should be applauded for mandating after years and years of behind-the-scenes boardroom and management deal-cutting in which capital that belonged to all the members was used to reward just a few insider members. The whole created a rather ironic scenario, shady deals in the dark.
But occasionally you also find some sunshine.
As CUToday.info reported, in its disclosure to its 745 members, the $8.5-million Quad Cities Postal Credit Union in Moline, Ill. shared the kind of personal story that would have been fitting in a letter mailed in 1938, the year of its founding.
QCPCU is seeking to merge into Gas and Electric Employees CU, just across the Mississippi River in Rock Island, Ill.
In essentially saying farewell, Quad Cities Postal CU shared, “By choosing to merge instead of being forced to merge by the state, we are able to move in the direction we want to move in and we'll be in our members best interest.
“As you all know we are a very small, private credit union. There are many perks to remaining small, the most important being the personal connections we have with each of you,” QCPCU continued. “There are no automated phone systems, no long lines, or delays in service. But being small also has its drawbacks. We are limited by our size in the types and amount of services, loans, and products we can offer. We have found that we can no longer compete in today's increasingly competitive and fast paced financial world without help.”
‘We Like Them’
To that end, the CU’s board said it chose Gas & Electric Credit Union as its merger partner for one of the best (and unusual) reasons I’ve seen so far in an NCUA disclosure form: “Most importantly: We like them. We like how they run their operations. We like their employees. And we especially like how they treat their members. With an existing member base of over 5,500 accounts, they are able to offer products and services we cannot. And even with their larger size they still maintain the same level of customer service smaller credit unions are known for.”
There are a lot of reasons for mergers among credit unions, some of which the CUToday.info reporting makes clear, where the best interests of members is not the first priority. But it certainly sounds like it was at Quad Cities Postal. Which is just the way it should be.
The member vote is scheduled for August 4, and I think I know which way it’s going to go.
A Penny Earned is Well, A Penny
There’s a reason to re-read any statements your credit union or organization may be distributing, and an even bigger reason to make sure the person writing that statement knows what they’re talking about.
I recently received a press release from a credit union hyping a “whopping” increase in its certificate rates. According to the release, that whopper of an increase was “1.2. basis points.”
I imagine members are lined up at the door.
Sheety Job of Guest Service
Staying in a hotel recently I pulled back the blanket to discover, well, let’s just say sheets that needed another run through the ole washer and dryer.
When I went to the front desk and explained the sheets situation and asked for new sheets—and before you ask, let me make clear there was zero chance there was anyone in housekeeping available—the front desk clerk responded, “OK, I gotch you.”
Not “we’re sorry” or “we are disappointed this happened,” or anything from the Handbook of Hotel Front Desk Encounter Defusing & Satisfaction Statements.
Just an “I gotch you.”
Which, given the late hour, he did.
It’s Not Just Hotels
It isn’t just hotels that don’t always do right by people. I continue to receive announcements from single credit unions sending a release on behalf of a group of CUs, all of which banded together to raise money or do a public good deed.
Often, these releases will note that a half-dozen or so credit unions were involved in the charitable project, but the release mentions only the credit union that sent it.
That’s the ole’ credit union spirit.
Frank J. Diekmann is Cooperator in Chief of CUToday.info and can be reached at Frank@CUToday.info. Mr. Diekmann is also author of several new book, including the brand new “The Last Lyric,” a humorous satire about a murder investigation at the Rock & Roll Hall of Fame in which every line of dialogue is either a classic pop/rock song title or lyric. Available on Amazon, Apple iBook, Barnes & Noble and Smashwords. Mr. Diekmann is also author of a non-fiction compilation of the very best & worst he has seen and heard in covering more than 500 CU meetings and conferences, “501 Name Tags: How Everything You Need to Know About Business Can Be Learned at a Conference & Forgotten in the Trade Show.” It is available on Amazon, Barnes & Noble, Apple, Lulu, and Smashwords