COLCHESTER, Vt. (2/18/14)--The strength of the cooperative business model is what sets Vermont State Employees CU apart from a large portion of the marketplace, the credit union's CEO shared in the Vermont Credit Union League's latest "Executive Exchange."
"We're big proponents of the cooperative business model," Post told league President Joe Bergeron. "We try to first embrace those principles and live those day to day, year to year."
Post said that the Montpelier-based credit union also likes to be affiliated with other co-ops that are approaching the business world and market with those same principles.
The $618 million-asset credit union works hard to keep members involved including lots of communication during board elections. "We work to make them responsible owners," he added.
Credit unions are challenged to add value to their members' lives, Post said. Credit unions, however, can help members rise above challenges, just as Vermont State Employees did after Tropical Storm Irene in 2011.
"We absolutely did things that were of out the normal course of business," he said. "That's one of the great things about credit unions--the ability to think differently and treat people differently."
For members who had lost everything, Post said the credit union had to make "big decisions" regarding loan options. "Those members have stayed with us and have continued to make good on what we did for them," he added.