Badin Employees Federal Credit Union used to be tucked up against the Uwharrie Mountains on the banks of the Yadkin River, about 40 miles east of Charlotte - the hometown of banking giants Bank of America,Wells Fargo and Truist.
Badin is a company
town. In 1917, Alcoa dammed the Yadkin River to generate hydroelectric
power for a new aluminum ingot plant - the IA data center power guzzlers of their day! The lake and town, which sprang
from those efforts, are postcard picturesque. Driving into town down
Falls Road is a journey home, a
journey back in time The town is just two blocks long, but
makes the most of it.
In "downtown" Badin, the candy-striped awnings of the Badin Town Hall adjoin the police department and Masonic Lodge #637. Next up is the
post office with its single wicket window, fleet of post office boxes, and a very active community bulletin board - a.k.a. "social media". Shading
the post office is Veterans' Memorial Park, with a cedar grove honor guard, for seven Badin young men who died in World War II.
And, out of sight up a short dirt road, is the best named roadhouse on the planet: The Bottom of the Barrel Disco and Cafe; now vacant, having recently burned to the ground. Bet that last party was a great one.
But, the center attraction was the
Badin Employees Federal Credit Union. The Credit Union was housed in a one story, red-brick
building with blue shuttered windows and a "no-way-to-miss-it", bright
burgundy door. The Credit Union always closed for lunch from 12:30 to 1:30
pm, but you could still sneak a peek into the office through the partially
drawn, real-wood Venetian blinds. It was a comfortable, inviting looking kind of place; where you could sit a while, have a cup of coffee, and personally talk to the
manager. Y'know
think it through a bit with a friend.
Badin Employees Federal Credit Union was reliably prosperous with assets reaching $4 million, 18% capital, loans available to all, delinquency negligible. Everyone in town was a member; no local banks remained.
Badin Employees FCU had achieved "market dominance" without ever spending a penny on member engagement, naming rights, nor resorting to self-important declarations of "our passion" for service.
Folks in Badin held strong opinions about their Credit Union. The members were just regular folks, who didn't need "thought leaders", "X", nor talk show radio to form an opinion! The "word around town" took care of all the "market-branding" the Credit Union ever needed.
The beauty of credit unions used to be something you couldn't easily wrap, bottle, or "spin" - you didn't need to! Credit unions were really member-owned, were really member-led, were really member-governed
But Badin no longer has its credit union - or any credit union - to make a difference. Guess the need is gone, gone the way of merger.
😎 There is, at least, still an ATM at the Express Mart...
I believe in credit unions and what they stand for. You are correct that what is important to people has changed. It is harder for smaller credit unions to stay competitive with the convenience larger financial institutions can provide through technology. Many people choose to do their banking on a mobile phone and want real time transfers of funds by a click of a button. Smaller credit unions can’t afford to invest in the technology that people desire. Do some people still want to go into the branch and talk to someone they know, absolutely. Do some people want to complete a loan without ever communicating with a human, absolutely and they want an immediate answer. The world continues to change and financial institutions need to continue to change as well. The ones that will succeed are those that continue to provide convenience while treating people with decency. It is sad to see smaller credit unions fail or have to merge. Let me be clear though, credit unions that just merge with other credit unions or banks just to increase asset size and line the pockets of executives, they missed out on the part of treating people with decency.
ReplyDelete