MILWAUKEE, Wis. –Corporate Central is reporting that despite an otherwise challenging past 18 months, it has continued its growth, and as of July 31 had welcomed 22 new member credit unions from nine different states.
Over the past five years, Corporate Central said it has experienced a net increase of more than 100 member credit unions across 27 states.
“We have seen the number of credit unions in the country decline, mainly through consolidation, by approximately 15% over the last five years,” said Chris Felton, president/CEO. “We are proud to say that Corporate Central has grown our national membership by nearly 30% over that timeframe.”
Corporate Central reported it also hit an all-time high of $3.75 billion in 12-month daily average net assets (DANA) in 2021, up from $2.25 billion at the beginning of 2020.
“However, as a result of the pandemic deposit surge, Corporate Central also placed nearly $5 billion in off-balance solutions since the beginning of 2020,” the corporate said.
‘Meaningful Increase’
Taking those deposits into consideration, Corporate Central added its assets under management have been as high as $9 billion in 2021.
“These growth management strategies have allowed us to expand along with our members while also managing our core capital ratio at a level above the regulatory well-capitalized requirement throughout this extraordinary period of deposit growth,” said Nick Fanning, SVP/CFO. “After reaching a core capital ratio of 5.06% in February, we have been able to increase that ratio back above 6.50% by the end of July. This has been done through both a meaningful increase in core capital and a reduction in 12-month DANA through the extensive use of off-balance sheet solutions.”
In May, Corporate Central noted it sent out a membership survey to gain insights into how members view their relationship with the corporate credit union. The resulting Net Promoter Score (NPS), using the standard 0 to 10 rating scale, categorized respondents into one of three groups: promoters (9-10 rating), passives (7-8 rating), and detractors (0-6 rating). The percentage of detractors is then subtracted from the percentage of promoters to obtain an NPS.
Highest Score to Date
Corporate Central said its overall NPS score of 83.0 was its highest score to date.
“Corporate Central’s survey results have fluctuated since our first survey back in 2016 but have always been above the industry average,” said Felton. “As good as the overall score results were, the comments from our members really stand out as a reflection of their loyalty to Corporate Central. Trust, service, and friendly staff are all common themes shared by these comments from our members and are a great reminder of why we do what we do.”