Last Friday, the Minneapolis Star Tribune featured credit unions in a Curious Minnesota article, a community-driven reporting project. The article, titled "Why are there suddenly credit unions 'everywhere' in Minnesota?" notes credit unions proactive approach and personal touch in providing financial services as part of the increase in the number of credit union branches and members:
"Credit unions have been opening up more branches across Minnesota in recent years, even as the overall number of credit unions has been shrinking. It's a reflection in part of how much more proactive many credit unions have become about growth, expansion and marketing to stay relevant in a competitive industry."
The article also attributes the cooperative model as attractive to new members:
"Credit unions offer many similar services as banks, such as checking and savings accounts as well as auto and mortgage lending. But they are also not-for-profit entities owned by their members. So instead of funneling profits back to shareholders, they redirect them back into the organization by offering perks such as reduced fees or lower rates on loans."
MnCUN CEO & President Mara Humphrey told the Star Tribune: "We've seen an increase in branches in credit unions in Minnesota and also in the number of branches per credit union."
Broader fields of membership and marketing are also attributed to the growth and the article quotes Affinity Plus CEO Dave Larson and SPIRE Credit Union Dan Stoltz. Stoltz.
Stoltz told the Star Tribune, "Credit unions have finally stepped up and said, 'Look, you can't sell a secret,' let's talk about who we are."
"The more success we have, the more we can give back to the members and give back to the employees and the community as a whole," Larson said.
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