By Frank J. Diekmann
They’re just data points now, inanimate cells on an Excel spreadsheet. We’ll forget there was excitement once, maybe even a bottle of bubbly passed around when the charter arrived, followed by operating hours, daily interactions, monthly board meetings, annual reports, decades of contributions and, ideally, lifetimes made better.
“They” are all the credit unions to which we said goodbye in 2017, in some cases because it was the best move for members, but in others because they were steamrolled by a changing world and circumstances, had their backs broken by regulatory burden, were the victims of bad planning and lack of foresight, and, most sadly, because in more than few cases some CU leaders and board members saw an opportunity for personal enrichment.
As I write here every year at this time, what the List of the Deceased in Credit Union Land is, more than anything, is mile-markers along the Great American Road. Serving companies that were once big “brands” in their communities or nationally, or even entire industries now forever “disrupted,” the credit unions are metaphorically pages in the history books of our country, but in reality now just digital data living on as blinking green lights on servers.
So, Before We Go...
So, before we let another chapter of credit unions fade on the pages…
We wonder if they prepared a cake to mark the closing at Bakery Employees CU or Union-Wallowa-Baker CU, assume the numbers just weren’t watertight at Water-Light, and wonder with a grain of what did they take the news at Salt Creek CU.
Perhaps they couldn’t find a successful direction because they were missing an “S” at GP Community CU, or they had skipped the class on member service and growth at St. James Public Schools, Housatonic Teachers, West Holmes School Employees, Colfax School Employees, and Lubbock Teachers? And we assume it was just that on the same day everyone was on sabbatical at Collegeville Community CU.
I’m paging Dr. House, as I shall forever be left wondering why a prescription and treatment could never be found for Health Care, St. Elizabeth Employees, St. Anthony Hospital Employees, and Northwell Health credit unions.
I am, as always when compiling this sad list, left with more questions than answers. Did someone rat out NARC CU? Have I been misled all along and elves aren’t that magical, as Nabisco Employees CU found out? Were they so busy paying attention to the hand washing and food storage temperatures that they forgot to watch the financial health at Richmond City Health Department?
There was quite a bit of news around cord-cutting trend in 2017, and no one knows better than Corning Cable Systems CU. And speaking of a changing technology world, did anyone take time to report on the murder weapons, or was there nothing more than an obit when Knoxville News-Sentinel Employees passed? How has technology changed things? Just ask the former Radio Television and Communication CU.
I certainly would be remiss were I not to observe that as 2017 closes it takes with it Employees First (which didn’t last); that the shelves are now empty at Grocers Supply Employees; that they have run their last report at Automatic Data Processing CU, and how is it they were never able to find a safe one at Harbor CU? Able CU? Need I point out the obvious question?
Good Work, But...
I’ve always heard that government work is good work if you can get it, as the old saying goes, but the same doesn’t seem to have worked for Webster City Municipal, Baraboo Municipal Employees, East Haven Municipal Employees, Danville City Employees, Pennington Municipal & County Employees, Fairfax City, Norfolk Municipal, Kenosha City Employees, Hudson Municipal Employees, Douglas County, Westmoreland Federal Employees, and City of Raleigh Employees.
Proving again no place on the map is safe, we bid adieu to now-departed credit unions in all directions, from West Maui Community to Amoco East Texas to West Denver Community to Windsor County South to West Coast Federal ECU back north to Northern Tier to Westfield Area to East Harford and to North Island Financial.
In an annual example of “mysterious ways,” the prayers went unanswered this year at St. Stephens, Our Lady of the Angels, First Baptist Church of Darby, Catholic, and Roslyn Catholic credit unions.
Speaking of faith, the first one seemed to have worked better than the second, as Immaculate Conception Fall River CU showed. And the same seems to have held true for Transfiguration Manhattan, as well.
A Dollop of Irony
Credit union closures always come with a dose of irony. One can only imagine breaking the news to staff at Employment Security Employees, for instance. Or finally realizing that Clearchoice wasn’t so clear for members. Same thing for Financial Benefits CU. And Consolidated-Hub Co CU? Consolidated, indeed.
We hope they took time to carve a plaque in remembrance to all the volunteer hours and other work put in at GH Woodworkers.
We have learned yet again that no matter how bucolic the name, the end isn’t always beautiful, as Chevron Valley, Shoreline, Ocean Communities, Suntide, Coastland, Star Harbor, Thunder Bay Area, Valley Bell and Scenic Falls have proven.
And just what barometer of future health were they using at Touchstone?
We can only assume that whatever problems they might have had, tartar wasn’t one of them at Colgate Employees CU, and I will always recall that however noble the founding, the end was anything but bold for Valor (search CUToday.info if you want the story).
Was it just a lack of confidence that finally did in IFF Employees CU? I mean, it has iffy right there in the name.
Some Good Works
We hope as the year closes that during their lives these CUs did indeed do some good works for the worker-members of Phila Gas Works Employees, Standard Steel Employees, JAX Glidco Employees, Elizabeth Postal Employees, B&W Mississippi Employees, Lide Employees, Group Service Employees, K&E Employees, Manatrol Dividion Employees and Hanna Employees.
And no, I haven’t forgotten you, filers of your last 5300s in 2017: Philcore, Perry Point, United, Tri Ag, Lake Superior Refinery, Kyang, Axton, Cornerstone, Miramar, Augusta Metro, Martin, Tioga Area, Bader, Higham, Jax Metro. Michigan Community, Fedcom, Granite Hills, Public Service Sewaren, Timken Aerospace, Arch Community, Daijo, Woodstone, Community First, First Illinois, Cinco Family Financial Center, Rose City, Tri-Rivers, Lakes Area, Peoples Community, Dennison, Parker Community and White Pine.
All that said, I would still like to know who finally dialed 911 for Fire Department CU, Police CU, and, proving that a combo isn’t always the answer either, Canton Police & Firemen’s?
Is the abbreviation to be blamed for the abbreviated lives of U of P, NEA, EMC, GCIU Local 235, ESCU, SM, ICI America, IEC and ESCU?
Why didn’t regulators merge Hawaii National Guard with Battle Creek Area? And I’m hopeful that they took time to author a paper on what might have been done differently before they turned off the computers at Scientific Research Partners CU.
More from 2017: I assume management finally found itself in a corner at Triangle, that the band was playing something lovely and fitting at the end at Musicians Interguild, and that the chorus was singing “Turn out the DUQ Lite, the party’s over,” when it closed.
First Choice? It wasn’t. Encore? It won’t get one. Landmark? Not any longer. Heritage? Sadly, it’s fading. Virginia Boxer? It could have been a contender.
And this year may be all about MAGA, but it didn’t seem to be enough for American CU. And speaking of America, you helped build it, but alas, it didn’t build the bottom line, Teamsters Local #222, Kalamazoo Building Trades, and Toledo Teamsters.
2017 has been yet another year in which I was reminded that sometimes it’s eat or be Eaton Employees CU, which merged.
If I learned nothing else this year, it may be that not everything you hear in an Eagles song is an indisputable truth, as Arlington Hotel CU closed, proving you actually can check out and leave.
I’ve seen and we’ve reported the forecasts, but here’s to hoping you and your CU don’t check out and leave in 2018 or any time soon, because members deserve that peaceful, easy feeling of knowing there’s a credit union there for them.
Frank J. Diekmann is Cooperator in Chief at CUToday.info and can be reached at Frank@CUToday.info or followed @FrankCUToday.