IAA Credit Union is Growing

[ 4 ] April 17, 2017 |

IAA Credit Union is growing! Ten years ago (2007) we closed-out our first-quarter financials with $116 million in managed assets and 12,829 members.  This was soon after I had started and just before the “Great Recession” which officially started in December of that year.   As we close the first quarter of 2017, I’m happy to report that we have grown to $237 million in managed assets and 16,214 members.  We’ve more than doubled in assets and increased members by 26.4%!

This is significant because Credit Unions need to grow to best serve our members.   Because returning value to our members is our highest priority, we put a great deal of effort into increasing memberships.   As a financial cooperative we must strive to serve our members with the most convenient, cost effective tools and best rates possible while generating revenue to cover the cost of doing business. Membership and asset growth keep credit unions healthy.  Just as any other business needs the support of new customers, we too must recruit new members to maintain strong financials and respond to changes in the competitive marketplace.

As a growing institution, IAA Credit Union has the resources to invest in new services and delivery channels that our members and potential members want and need.   The growth we have had over the last ten years has allowed us to increase operational efficiency thereby offering our members “one-stop shopping” for all of their financial service needs.  Because of our growth we can provide service in expertly staffed branches, in a network of over 35,000 ATMS, over the phone through our service center, via internet access (home banking), and mobile devices (smart phone, tablet or iPad).  All this is made possible by the economies of scale that have resulted from healthy growth of memberships and increased assets.

We offer our sincere gratitude for your membership and continued support of IAACU.

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Category: CEO Corner

About the Author ()

Sean has held the position of Chief Executive Officer at the IAA Credit Union since June of 2005. In this position, he is responsible for the overall management of the $200 million financial institution, assuring financial strength while providing maximum value to its members. Also, he ensures that the Credit Union complies with all State and Federal laws and operates within the policies and expectations of the IAACU Board of Directors. He is a 1986 graduate of Illinois State University where he received a Bachelor of Science Degree in Agribusiness with a minor in Economics. He has also completed the coursework and received the CPCU, ChFC and CLU insurance industry designations. Sean served a combined 20 years in the United States Air Force and Air National Guard as an Aircraft Maintenance Officer retiring in 2002 at the rank of Major. Sean and his wife Kim have five children and reside northeast of Eureka, Illinois in Woodford County.

Comments (4)

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  1. Don Engelkes says:

    growth occurs when quality products are offered by quality service. Congratulations to the Credit Union and all the staff.

  2. Sean says:

    Thank you Don (You’ll always be Mr. Engelkes to me) We very much appreciate your kind words of encouragement and your continued membership and support!

  3. Trudyann Sleater says:

    I’ve been a member of the IAA Credit Union for many years. It was an excellent financial decision. Everyone on the team is easy to work with, helpful, and they treat you like family! I’ve never received that type of support or service from a traditional bank. I’m going to highlight IAA Credit Union membership in my next Agency newsletter. Together we can achieve more, and IAACU is the way to go! Congratulations on continued growth and success!

    • Sean Wells, CEO says:

      Thank you for your support and endorsement of IAACU, please don’t hesitate to let us know if we can provide anything for your Agency newsletter (or anything else)

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