MEMPHIS, Tenn. (8/11/14)--At a small, select-employee-group credit union, one employee may be a jack of all trades, and at Delta Refining Co. Employees FCU, Memphis, Tenn., that person is CEO Terrie Snavely.
"I basically do everything," she told the Memphis Business Journal (Aug. 8). That includes--take a deep breath--all accounting duties; teller activities such as deposits, withdrawals, and opening and closing accounts; processing loans; managing investments; maintaining the credit union budget and goals; collections; marketing; data processing/information technology; human resources; and financial counseling.
The $4.6 million-asset credit union does have its own personality, she said, adding, "We are here to serve a specific group and their individual needs."
Because the credit union is located at the refinery where its members work, it has adapted to serve them. "It's not always possible for them to make it to their financial institution during regular business hours. Sometimes we will make a trip to their office to do business," Snavely told the Journal. The credit union also has hours that allow the night-shift workers at Valero to use its services.
Snavely prides herself on the fact that the credit union often has personal knowledge of an individual's needs and their ability to repay.
"Before giving you a loan, we go over your debt ratio and give you options," she said. "We love to make loans to our members, but we also don't want them to stretch themselves out too thin.
"We know our members, we know when they have had a financial or personal hardship, and we can provide personal services based on the needs of the member."
Half of all U.S. credit unions have less than $24 million in assets, according to statistics from the Credit Union National Association.