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Session highlights CU business successes at The 1
LAS VEGAS (7/14/10)--“As our business lending department continues to grow, we continue to work closely with our marketing and business development department,” said Sandi Carangi, vice president of marketing and business development at Erie (Pa.) FCU. The marketing folks have access to all the competitive intelligence the business lenders need.
Click to view larger imageSandi Carangi, at podium, vice president of marketing and business development at Erie (Pa.) FCU, discusses how her credit union handles member business loans, while Scot Hadden, vice president of business banking for Servus CU in Alberta, Canada, looks on. They were presenters at the Monday afternoon business-lending session at The 1 CU Conference in Las Vegas. The conference, presented by the Credit Union National Association and the World Council of Credit Unions, ends today. (Photo provided by the World Council of Credit Unions)
Carangi, along with Scot Hadden, vice president of business banking for Servus CU in Alberta, Canada, were presenters at the Monday afternoon business-lending at The 1 CU Conference in Las Vegas. The conference, presented jointly by the Credit Union National Association (CUNA) and the World Council of Credit Unions, ends Wednesday. Carangi said her credit union’s business-loan portfolio should be about $10 million by the end of this month. About half of Erie FCU’s business loan volume comes through its credit union service organization. Her credit union has opened 217 business accounts during the past year with an average balance of over $2 million in deposits, she said. “It’s not clear yet how legislation will affect interchange fee income, but right now interest income on business debit and credit cards is very strong,” she said, referring to the interchange provision in the regulatory reform bill before Congress. The provision would allow the Federal Reserve Board to set interchange fees, a provision credit unions and CUNA strongly oppose. Hadden said his credit union has offered business services for many years. It has a mature business services department, with a $3 billion business loan portfolio and 200 employees dedicated to business services. He offered these keys to business-services success:
* Fast--Most small-business owners aren’t blessed with patience, so don’t be bureaucratic. * Competitive--The market is smart, but you don’t have to have the lowest fees and rates. * Flexible--If a deal is strong, your terms should be flexible. * Advisory--Make it your business to know their business. * Relationship-based--This is the most important one and is the key to success in business banking. Visit your businesses and take interest in them and their business. Smile, relax, and have fun. Go the extra mile for your businesses and over a full package of services. * The employer of great people--There are a lot of people out there who have the tech skills to do business lending, but you need sales and relationship skills. * Involved in your community—Be visible and support other small, nonprofits.
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