Riverways FCU was recently granted a large community field of membership expansion, increasing its potential membership by more than 850%
NCUA approved an expansion of Riverways Federal Credit Union’s Field of Membership (FOM) through the addition of a single rural district consisting of 27 Missouri counties.
Riverways, based in Rolla, Missouri, had been seeking to grow, but had met a hurdle when it came to increasing their membership. “As a credit union, we believe field of membership to be a significant inhibitor to growth,” explained Scott Shults, President and CEO. To combat this, they enlisted the help of CUCollaborate in submitting an ultimately successful application for a rural expansion of their Federal Community Charter.
Under a community charter, a credit union has the option of adding a rural district to an FOM, provided it is both contiguous and well-defined in geographic terms, as well as meets the NCUA regulations of having a total population of less than one million people and a population density of under one hundred people per square mile.
CUCollaborate specializes in field of membership consulting services specifically for the purpose of helping credit unions expand their field of membership with their regulator. The company worked alongside Riverways to prove the area to be added indeed met all these criteria, along with the institution’s ability and commitment to serving potential new members immediately.
“This expansion represents a critical strategic priority that will help our institution enter into a new period of growth and success,” outlined Mr. Shults. “With an achievable business plan, healthy marketing budget and an extensive network of community partnerships, RFCU is excited to expand a legacy of being a hometown financial institution that provides versatile solutions and makes a positive difference in members’ lives and in the communities served.”
The expansion itself allows the credit union, which previously covered four counties in South-Central Missouri, to now offer services to anyone who lives, works, worships or attends school in the area, as well as businesses and other entities. The combined area, with a population of just under 800,000, will increase Riverways’ potential field of membership by more than 850%.
Consumers are now eligible for membership in the neighboring counties of Dallas, Cole, Franklin, Callaway, Camden, Dent, Miller, Osage, Hickory, Reynolds, Benton, Laclede, Gasconade, Madison, Carter, Maries, Iron, Crawford, Washington, Morgan, Phelps, Wright, Shannon, Pulaski, Webster, St. Francois, and Texas.
CUCollaborate Founder and CEO Sam Brownell was naturally pleased with the outcome. “We are naturally thrilled by Riverways’ field of membership expansion,” he said. “Most importantly, the credit union will now be able to reach and provide services to a host of new members, and increase its overall footprint across the state. Expanding field of membership is key for any institution looking to grow and we are thankful RFCU trusted us to be a part of the process.”
About Riverways FCU
Riverways FCU is a Federal Community Charter headquartered in Rolla, Missouri. Since its inception in 1959, it has been serving its members with exceptional financial products and services that are “positively different.” The credit union was established in 1959 as Rolla Federal Credit Union to serve members in and around the Rolla, Missouri area.
CUCollaborate is a consulting, software development, and digital marketing company whose mission is to help credit unions grow. CUCollaborate primarily focuses on addressing credit union’s biggest obstacle to growth, field of membership.