ROANOKE, Va. – Roanoke Valley Community Credit Union is reporting it is following up loan growth of 37.2% in 2023 with a strong start in 2024.
The $103.6-million CU, which operates with co-CEOs Pam Duke and Lauren Whitmire, said it has added $5.5-million in new loans this year.
“Our numbers are telling you where we are going with this team,” Duke said in a statement. “We’re definitely not going backwards. It takes a special team to make it work.”
Duke and Whitmire were named co-CEOs in November 2023 after the sudden departure of the previous CEO. Duke, who has served as a CEO at another credit union, has been with RVCCU since 2010. Meanwhile, Whitmire, who joined in 2012, served two stints as an interim CEO at Roanoke County Schools Employees FCU before it merged with RVCCU, the credit union reported.
A ‘Distinguished’ Career
Roanoke Valley said Duke is now eyeing retirement after a “distinguished career,” while Whitmire poised to grow into the role of CEO, creating what the credit union said will be a “seamless transition.”
“Duke’s wealth of experience and deep understanding of the credit union’s operations provide stability and mentorship, while Whitmire brings fresh energy and a forward-thinking perspective,” RVCCU stated. “This combination leverages their individual strengths, ensuring that RVCCU benefits from seasoned wisdom and creative solutions simultaneously.”
COO Returns
According to Roanoke Valley, another component in its success has been the return of Scott Ruhlman as chief operating officer. Rulhman previously served as RVCCU’s director of lending from 2005 to 2016, and most recently worked for another credit union for the past eight years.
‘Different Culture’
“As far as the staff, it’s a very different culture, a different mindset, and we have different goals,” Ruhlman said in a statement. “Before it was more of a transactional environment and now it’s more personable and engaging. And that environment starts from the top and comes down. Pam and Lauren set that atmosphere and it flows downhill to the frontline staff.”
Whitmore also said that employees are “not just workers, but value being part of a dedicated team.”
The credit union is fully staffed and has begun to implement universal banker roles, where frontline representatives can open accounts, handle cash transactions, sell/cross-sell products and services, as well as resolve issues.
Recently, the RVCCU reported its entire team surpassed a monthly loan goal that triggered a $300 or more incentive per employee. New loans total $5.5 million of a $10 million year-end goal, increasing its loan-to-share ratio from 62% to 69%. The goal for year’s end is 72%, the credit union said.
Investing in Loans
In addition, instead of relying on investments, RVCCU said it is investing its money into its membership by way of lending, “which the leadership team says is true to the purpose of credit unions.
“We’re finally bringing everyone back together and making it a more inviting, more fun place to work,” Whitmire said in a statement. “Overall, the staff has a great frame of mind every day. They realize they are important here and that they benefit this place by being here. They matter.”
The credit union has partnered on its marketing plan with Greenville, S.C.-based Your Marketing Co.
‘Reaching Out’
“By effectively reaching out to potential members and highlighting the credit union’s unique value proposition, RVCCU has successfully attracted greater loan applicants and increased its loan portfolio,” Your Marketing Co. said.
In January of this year, RVCCU engaged with on-site staff training with Your Marketing Co.
“The staff learned how to become an irresistible teammate through the art of communication, empathy and active engagement. The credit union also uncovered key elements that define a healthy culture,” the company said.
Added Whitmire, “They were so complimentary after the staff training. They’ve said they got the most out of it than they have ever gotten from staff training. We’re making an effort to meet the goals that we want to meet.”
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