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
News reports say House side of U.S. Capitol is closed due to "industrial spill," unclear how will effect day's proceedings.
41 minutes ago
Reminder: @TheNCUA's Listening Session tomorrow in Chicago. Capacity crowd expected for meeting at 1 p.m. CT. http://t.co/FYYuoHCdVJ
14 hours ago
Mortgage apps up 1.9% in @MBAMortgage's weekly survey http://t.co/QBzKWdnRkH
15 hours ago
Manage your household budget with these 5 @SavvyMoney tips from @MCUA_news's Halley Abbott on @FOX2now http://t.co/qaXIbnNktt
16 hours ago
Wash state's marijuana market open but still short of FIs to serve it via @NWCUA http://t.co/qwxCVEZbPG
16 hours ago