Certified Federal Credit Union (CFCU) has grown by virtue of mergers over the years, typically when another credit union has sought them out.
Along the way, CFCU added Auto Club Credit Union in Costa Mesa; Metropolitan Water District Credit Union, representing employees that supply water for Southern California; and just last year, Prospectors Federal Credit Union, which serves Diamond Bar, West Covina and surrounding areas.
“Our main focus has been to concentrate on the grocery chains initially, Southern California and, of course, Nevada, because of Las Vegas, right? But over time, our goal is to serve the entire state of California,” said CEO Steve Weakley.
“Recently, we were able to pick up Safeway Nor Cal (as a sponsor), and so our long-term goals are to be able to serve the rest of the northern part of the state as well. That’s one of our strategic goals.”
From the beginning of his tenure at the credit union, Weakley’s goal has been to build up the financial strength of the organization. He put together a 20-year plan to build capital, “which is our reserves,” he explained. “We had hardly any reserves when I first stepped in, so I slowly built it.
“We now have 20 percent of our assets in reserves. We use that money to give better rates and provide products and services to our members.”
Weakley went on to note that the credit union really believes in “sending people out to the stores to tell our story.”
“Over time, it just builds from store to store, warehouse to warehouse, it’s almost organic. HeeSook Alden, SVP, Marketing, Strategic Growth and Leadership Development, calls it the secret sauce. It costs a lot to send people out to the stores, but you’re really investing in them.”
Weakley emphasized that simply signing someone up and never following up isn’t effective.
“But when you go back into that store and someone’s facing an issue, they know exactly who to reach out to, our business rep is there for them,” he said.
“If they need a loan, we’re there. If they’re having a problem, we’re there. It’s more than just banking, it’s a community where everyone works together to support each other financially.”
Certified Federal Credit Union members also enjoy nationwide access to their funds, thanks to the credit union’s participation in the CO-OP Shared Branch Network.
“You can walk into nearly any credit union in California, or across the country, and use the ATM Network,” he explained.
Through the CO-OP Shared Branch Network, Certified members can also visit participating credit unions and handle their transactions just as they would at their home branch.
[RELATED: For CFCU CEO Weakley, ‘Real Success’ Lies In Helping Others]