Branching Out

Between segments II and III of CUES' CEO Institute, the author completed a project about how his credit union, Sikorsky Financial Credit Union in Stratford, CT, could best close a performance gap. Of course heading for the future always means getting perspective on the past. Sikorsky Financial CU was originally chartered as a federal credit union in August 1948 to serve the financial needs of the employees of Sikorsky Aircraft. Through the years, the membership base came to also include family members of Sikorsky Aircraft employees. Meanwhile, their credit union's leadership determined in their strategic planning efforts that the credit union needed to increase its membership to reach an economy of scale. The best charter option for the credit union to grow was a state-chartered community credit union. Here are some of the approaches they explored: 1. Develop a sales and service culture. 2. Expand electronic delivery channels. 3. Expand branch network.