Published By CUEvangelist – September 23, 2024
Re: Taking Advantage of Every Resource and Idea
Location: Kansas City, MO
Asset size: $40 Million
Field of membership: Catholic Dioceses of Kansas City, St. Joseph and many small groups
President: Carole Wight
Located in Kansas City, MO, the $40 million in assets Holy Rosary Credit Union stands as a shining light of hope and resilience. This small but strong institution serves the Catholic Dioceses of Kansas City-St. Joseph and several smaller groups. Under the leadership of President Carole Wight, Holy Rosary has not only embraced the philosophy of people helping people, but also utilizing every available resource to further its mission, leading to remarkable growth and a renewed commitment to its community.
Holy Rosary Credit Union was facing a financial decline that threatened its very existence. Membership numbers were down, and assets were shrinking. The credit union lacked the technological tools needed like a website or online banking, making it difficult to compete in an increasingly digital world. However, instead of conceding defeat, the leadership, inspired by their mission to serve those of modest means in the community, decided to fight for their survival.
The turnaround strategy was straightforward yet impactful by leveraging every possible resource to enhance and expand services. Holy Rosary became proactive in applying for every small grant available through the National Credit Union Administration (NCUA) and stayed informed through channels like the CUNA daily newsletter. They embraced ideas from Inclusiv and formed partnerships with mission-driven organizations and CUSOs (Credit Union Service Organizations).
One of the first significant steps was learning how to open SAFE Accounts, which provided banking services to the underserved and helped lower crime rates in the community. The credit union also received an NCUA grant to open a school branch, which not only educated students about finances but also drew in their parents, expanding membership organically.
Another grant helped hire a student intern who spoke Spanish, expanding services for the Hispanic community. Small grants were also used to introduce debit and credit card services and provided a pathway for more substantial offerings like mortgage lending and Qcash services.
Despite a limited budget, Holy Rosary developed a simple yet functional website with the help of a mission-driven marketer from another credit union. This step was crucial in establishing an online presence and laying the groundwork for future digital services that would become essential as the credit union grows.
Holy Rosary Credit Union’s journey from a struggling institution to a thriving credit union is a powerful testament to the impact of strategic resource utilization and a deep commitment to serving the underserved. By taking advantage of every opportunity and grant available, the credit union not only survived but thrived. Holy Rosary continues to serve as an invaluable asset to its community, proving that with hard work and dedication, even small credit unions can make a significant difference in the lives of their members.
The above profile was curated from Holy Rosary Credit Union: “Taking Advantage of Every Resource and Idea”, a submission in the Blueprints for Small Credit Union Success published by America’s Credit Unions – March 2024