Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Collaboration assists CUs quick relocation
PITTSBURG, Calif. (11/19/08)--Collaboration between two California credit unions helped one that was forced to relocate on short notice. Pittsburg (Calif.) Employees FCU (PEFCU) was given 90 days to relocate before its 1,250-square-foot facility was razed to make way for a new city complex. Faced with the task of finding a new location and moving by the end of April, Sophia Kern, CEO of the $8 million asset PEFCU, turned to industry peers for help. Kern had connections with the local credit union community as a result of spending eight years with Concord Diablo CU and nine years with Metro 1 CU--both located in Concord, Calif. At a local chapter meeting, Tina Fields-Dillow, CEO of the $200 million-asset Metro 1, offered to mentor Kern through the processes of funding, leasing, designing and coordinating PEFCU’s move into a new facility. After receiving several unsolicited merger offers from credit union of all sizes, Kern accepted Fields-Dillow’s offer. “I liked the way [Fields-Dillow] offered to mentor me,” Kern said. “Sometimes it is all about the approach, offering help without strings attached. A few other credit unions offered help, but when it came to crunch time, I called her first and she was there.” Kern needed to determine the credit union’s space needs, size, location and affordability. A location was found directly across a freeway from its original sight. Together, Kern and Fields-Dillow analyzed the credit union’s balance sheet and operations, allowing Kern to recommend several operational changes to her seven-member board. The move took place the weekend of April 18-20. PEFCU was open for business in its new location April 21. “PEFCU would not have been able to make this move in less than 90 days if Tina Fields-Dillow had not stepped forward to assist us in the process,” Kern concluded.
Other Resources

RSS print
News Now LiveWire
Decades-high number of #VA loans boost housing #market #NewsNow http://t.co/RhGPMs0w9e
1 hours ago
85% of members for 100% safe with their #creditunion, says @fileneresearch study. See #newsnow http://t.co/a3deRHSp5x
1 hours ago
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
19 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
20 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
20 hours ago