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BusinessJournalOF WEST CENTRAL OHIO
THE
May 2013
The Regions Business Publication
www.businessjrnl.com
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As Ranked by SNL Financial
Citizens National Bank was re-cently named one of the top 100community banks in the nation
for companies with between $500million and $5 billion in assetsby SNL Financial. SNL Financialis an independent business intel-ligence rm that specializes in -nancial services data. Ranked 55thon the list, Citizens National Bankwas the only bank based out ofOhio to be included.
SNL ranked the best-performingcommunity banks using six core -nancial performance metrics thatfocus on protability, asset qual-
ity and growth for the 12-monthperiod ended Dec. 31, 2012. Tocompile this ranking, SNL dened
community banks as institutionswith between $500 million and$5 billion in assets and with 60 orfewer ofces. Also, at least one-third of the banks balance sheets
must be composed of loans, andthey cannot have more than half oftheir loans in credit cards. Werehonored to be included in this listwith other top-performing insti-tutions, states President/CEO J.Michael Romey. Our continued
focus on stable community-basedlending and conservative bankingpractices has contributed greatlyto the success weve seen over thepast 3 years.
With ofces in Bluffton, Celi-na, Deance, Elida, Findlay, Lima,Springeld and Van Wert, CitizensNational Bank has assets totalingmore than $600 million and hasbeen serving the communities ofWest Central Ohio since 1920.
Citizens National Bank named one oftop 100 community banks in the nationCarlisle ESP Award
& Hall of Fame 750Perfect 10s
Cotterman & Company Inc.was honored to receive Carlisles2013 Excellence in Single-Ply
(ESP) award for the third con-secutive year. ESP status is givenout annually to a small percent-age of Carlisles most dedicatedand professionally minded appli-cators. Cotterman has installedand warranted over 9,600,000square feet of Carlisles single-ply roong system and has com-pleted 765 Perfect 10 installa-tions as judged by Carlisles nalinspection process. Only 2% ofCarlisle Approved Applicators
have received the Have of Fame- 750 Perfect 10s
JRB Award from
Duro-Last RoongCotterman & Company Inc.
received the JRB Award this yearfrom Duro-Last Roong basedon our sales and quality achieve-ments for 2012. This is our 9thconsecutive year to be presentedwith this award. Cottermanslead Ohio in Duro-Last saleswith over 12,000,000 square feetof membrane installed.
2013 Awards & Recognition
TheBusinessJournal
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INSIDE
NACMs Credit Managers Index for
March 2013 Posts Slight Decline to 54.9The March report shows asteadiness, but nothing to
inspire confdence in theeconomy.Government inactivity andbudget cuts related tosequester are the likely culprits.
Columbia, Maryland: March 29,
2013The March Credit Manag-ers Index (CMI) from the NationalAssociation of Credit Management(NACM) fell slightly from 54.9 to54.2, with both favorable and unfa-vorable factor indexes dipping byroughly equal amounts. Some in-dividual showed signicant move-ment, but there was no clear signal
from any of the factors as far asnancial stress is concerned, or
anything to cause much condenceeither.Sales slipped from its position of
59.2 in February to 57.4 in March.This is a fairly substantial decline of1.8, but at 57.4, the index is as highas it was in December. The mainconcern is that for the last year, thesales reading has been averaging inthe low 60s and now there seemsto be a struggle to get there again,said NACM Economist Chris Kue-hl, PhD. On the encouraging side,the new credit applications number
rose slightly (56.7 to 56.9). A sig-nicant desire to expand seems to
See INDEX, page X
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2 TheBusinessJournal May 2013
LIMA, OH --- Tuttle Construction, Inc.has recently named Mike Baxter and BrentStechschulte as Senior Project Managers ofTuttle Construction, Inc. Mike and Brent
will continue to work under the direction ofPaul S. Crow, President of Tuttle Construc-tion, Inc.
Mike has 20 years of experience in the
construction industry, and has worked withTuttle Construction since 2004 as a Proj-ect Manager and Estimator on various sizeconstruction projects primarily in the indus-
trial and petro-chemical mar-ket. Mike is agraduate of Co-lumbus GroveHigh School,and has a B.S.in Construction
Managementfrom BowlingGreen StateUniversity. Inaddition to hiscurrent du-ties as a stock-holder at TuttleConstruction,Mikes new responsibilities will be to man-age and focus the companys operations inthe petrochemical industry.
Brent joined the Tuttle team in 2006 after
having accumulated 17 years of experienceas a Project Engineer, Project Manager andEngineering Manager for an industrial com-pany with locations throughout the UnitedStates and in 8foreign coun-tries. He has aBachelors De-gree in Busi-ness Admin-istration fromMount VernonNazarene Uni-versity andan AssociatesDegree fromITT Techni-cal Institute inTool Engineer-ing. Brentsresponsibilitesinclude projectmanagement and estimating of various sizesof industrial, commercial, medical and gov-ernemental projects for Tuttle. Brents newresponsibilities will be to manage the com-panys operations in the commercial andmanufacturing industry.
Along with their new duties, Mike andBrent will participate in stockholder meet-ings, submitting team reports at Team Lead-er meetings, building and sustaining clientrelationships, mentoring and leading ProjectManagers and Project Engineers and proac-tively contributing to the companys strate-gic vision and plan.
Tuttle Construction is a subsidiary to itsparent company to Tuttle Services, Inc. anda sister company to Touchstone CPM, Inc.Since 1928, Tuttle has provided general con-tracting, design-build and self-performedservices, including concrete, carpentry,masonry, steel erection and metal buildinginstallations for commercial, educational,institutional, healthcare and faith-based cli-ents within a 2-hour radius of Lima, Ohio.
Tuttle Construction Promotes Baxter & Stechschulte
OHIO LOGISTICS
Northern Georgia (Rock Spring)
Over 6 million square feet in seven states.
LOCATIONS:
Ottawa, Findlay, Fostoria, Willard, 2 locations in Columbus, OH, Gas City, IN,
Milwaukee, WI, Louisville, KY, State College, PACorning/Elmira, NY (3 locations)
Northern Georgia Logistics (Rock Spring), Rome, Georgia
BAXTER
STECHSCHULTE
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May 2013 TheBusinessJournal 3
Construction industry unemployment drops to 14.7 percent in MarchConstruction held up better than a num-
ber of other industries in part becauseof Hurricane Sandy-related rebuilding andthe fact that constructions cyclical timingtends to lag that of the broader economy.ABC Chief Economist Anirban Basu.
Summary
The construction industry unemploymentrate fell to 14.7 percent in March, downfrom 15.7 percent in February, according tothe April 5 employment report by the U.S.Department of Labor. The nation added18,000 new construction jobs in March.Year-over-year, the construction industry
workforce has expanded by 2.9 percent, or162,000 jobs.
Specialty trade contractors, the largestsubsector within the construction industry,added over 23,300 jobs in March, andhave grown by 112,500 jobs, or 3.2 per-cent, compared to the same time last year.Among specialty trade contractors, residen-
tial specialty trade contractors added 12,500jobs for the month and 72,900 jobs, or 5percent, from one year ago. Nonresidentialspecialty trade contractors gained 10,800
jobs for the month and added 39,600 jobs,or 1.9 percent, during the past year.
Other construction subsectors also con-tinued to expand. Nonresidential buildingconstruction employment rose by 1,000
jobs last month and is up by 21,100 jobscompared to a year ago. Employment in thissector stands at 682,100 jobs. Employmentin the residential building segment expand-ed by 2,300 jobs in March and is up by4,900 jobs, or 0.9 percent, compared to oneyear ago. Heavy and civil engineering rep-resents the only subsector that lost jobs forthe month of March and is down 8,800 jobs.However, employment in this subsectorremains 2.7 percent, or 23,700 jobs, abovethe March 2012 level.
Overall, the nation added 88,000 jobsin March and has added 1.8 million jobsduring the past twelve months. Last month,95,000 jobs were added in the private sec-
tor while the public sector contracted by7,000 jobs.
The national unemployment rate fell to7.6 percent in March, down from 7.7 per-cent the previous month and down from 8.2percent in March 2012.
AnalysisABC has been warning for several
months that growing fiscal headwindsemerging from Washington, D.C., wouldeventually interrupt the momentum of theU.S. economic recovery, said AssociatedBuilders and Contractors Chief EconomistAnirban Basu. That time may have come.
Many economists were surprised by thevigor of the U.S. economy given the highertax rates that took effect on Jan. 1, thesequestration and continued wrangling inWashington, remarked Basu. However,should the slowdown persist as seques-tration-related cuts steadily grind into theeconomy, construction will begin to feel thesting later this year.
In March, construction held up bet-ter than a number of other industries inpart because of Hurricane Sandy-relatedrebuilding and the fact that constructionscyclical timing tends to lag that of thebroader economy, Basu stated. For exam-ple, construction employment expanded by18,000 jobs last month, with employmentamong specialty trade contractors rising by23,000 jobs.
The hope is that the March employmentdata represent a one-month blipa statisticalaberration in the wake of several surpris-ingly good employment reports in priormonths, Basu offered. On the positiveside, todays employment report impliesthat interest rates will remain low, which allthings being is equal, is good for real estate
valuations and for nonresidential construc-tion.
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BusinessJournal
THE
of West Central OhioVolume 22, No. 5
Publisher: Donald R. Hemple
Contributing Writers
Jeffrey Gitomer
Advertising: Donald R. HempleThe Business Journal is mailed to the top businessleaders in the 13-county region of West CentralOhio. Although information is gathered from sourcesconsidered to be reliable, the accuracy and com-pleteness of the information cannot be guaranteed.Information expressed in The Business Journal doesnot constitute a solicitation for the purchase or sale ofany products.
Copyright, The Business Journal of West CentralOhio, 2006, All rights reserved. Reproduction or use,without written permission of editorial, photographicor other graphic content in any manner is prohibited.The Business Journal is published monthly at 405 N.Main St., Delphos, OH 45833
Contact Us
Telephone 419-999-4762
Don Hemple 419-695-0015 ext. 138
Marilyn Hoffman 419-695-0015 ext. 131
Stacy Prine 419-695-0015 ext. 129
toll free 800-589-6950
Mail 405 N. Main St., Delphos, OH 45833-1598
For information concerning news,
advertising and subscription e-mail us at:
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4/84 TheBusinessJournal May 2013
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Lima, Ohio, March 26, 2013 - DennyStaude was recently named Director ofPackaging for Wannemacher Packaging.
Staude will be responsible for all day-to-day operations of Wannemachers
packaging facilities in Lima, theLiquid Fill plant in Van Wert andWannemachers recently acquiredMidwest Spray Drying facility in UpperSandusky.
During his 30-plus year career,Staude has worked in various positionsin the food and dairy industry withsuch companies as Borden and GeneralFoods. He was most recently PlantManager of Wannemachers Liquid Fillplant.
Wannemacher Total Logistics wasfounded in 1991 and includes freightlogistics, distribution services, ware-housing, transportation, and contractpackaging.
Wannemachers
names director
of packaging
Denny Staude
According to research, those
businesses seeking the
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being a leader and being moreexperienced should utilize the
strategy of larger, more
colorful, more frequent
advertising.
7/30/2019 May 2013 Business Journal A
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exist, and businesses are starting to more ag-gressively pursue credit, said Kuehl. Howev-er, serious issues remain in balancing the desirefor more credit and creditworthiness. Dollarcollections also improved (57.5 to 57.7), andis continuing to trend in the right direction, butamount of credit extended fell (62.5 to 61.6),suggesting some return to caution on the part oftrade creditors. The important point is that thiscategory remains above 60, which is a healthysign, Kuehl noted.
Overall the index of favorable factors fellfrom 59 to 58.4. It would be more encourag-ing to see that positive trend reestablish, but thedrop was not too severe, and 58.4 is the lowestfor this index since October of last year, saidKuehl. It bears noting, however, that the favor-able factor index was mostly at 60 or above inthe last year, and those stronger readings wereall taking place a year ago at this time. For thenine months from March-November 2012, the
index was over 60 for six, and below for three.Since October 2012, the index was above 60only once.
There was a similar decline in the index of un-favorable factors, but not as steep (52.2 to 51.4),putting the current reading roughly where it hasbeen for the last year. Volatility and variation inthis index exist, but the range has been narrow:a low point of 49.8 in July 2012 to a high pointof 53.1 the very next month. The variationswithin the index were a little more dramatic,and all but one factor fell, with three slippingunder 50, the point separating contraction fromexpansion. Despite the increase in applications
for credit, or perhaps because of them, there wasdeterioration in rejections of credit applications(52.3 to 51.9). Accounts placed for collectionreinforced an even bigger downward trend, fall-ing from a respectable 51.8 to 49.7, marking itsrst time in contraction since July of last year.Disputes showed renewed weakness in its slide(50.4 to 48.3), also marking the rst time thisfactor has fallen under 50 since last July. Dol-lar amount of customer deductions also fell intocontraction territory, but barely (50.7 to 49.9).Finally, lings for bankruptcy posted a signi-cant loss (58.3 to 57.3), but is at least still show-
ing solid growth. In contrast, dollar amountbeyond terms provided the bright spot, jumpinginto expansion territory when it improved from49.8 to 51.2. The overall conclusion that canbe reached by looking at the unfavorable factorindex data is that there are more companies indistress than there were a month or two earlier,and that likely reects the consternation andconfusion that has marked government inactiv-ity the last few months, said Kuehl.
The CMI is telling roughly the same storyas other economic indicators of late. The latestdurable goods order data showed an improve-ment if growth in the aerospace sector is taken
into consideration, but not if the sales that Boe-ing posted last month are stripped out, saidKuehl. Housing data has been strong, but justthis month there was a slight dip in the sales ofexisting homes and in new home building.
The statement made by this months CreditManagers Index was essentially steady as shegoes, said Kuehl. Nothing is suggesting a re-
turn to recession, but neither is there a sure signof an imminent breakout in the manufacturingor service sectors.
The complete CMI report for March 2013contains more commentary, complete withtables and graphs. CMI archives may also beviewed on NACMs website.
About the National Association of CreditManagement NACM, headquartered in Co-
lumbia, Maryland, supports more than 15,000business credit and nancial professionalsworldwide with premier industry services, toolsand information. NACM and its network of af-liated associations are the leading resourcefor credit and nancial management informa-tion, education, products and services designedto improve the management of business creditand accounts receivable. NACMs collective
voice has inuenced federal legislative policyresults concerning commercial business andtrade credit to our nations policy makers formore than 100 years, and continues to play anactive part in legislative issues pertaining tobusiness credit and corporate bankruptcy. Itsannual Credit Congress is the largest gatheringof credit professionals in the world.
Source: National Association of Credit Management
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2013 Dodge
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New
Index(Continued from page 1A)
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Thats all I can stands. I cant stands nomore! When Popeye the Sailor says that, acan of spinach appears out of nowhere, hepops it open, and downs it to gain amazingstrength. From there he beats up Bluto andrescues Olive Oil.
Well, Im grabbing my can of spinachbecause I cant stands no more! I just readan article referencing the Seven Secrets toCold Calling Success originally written bya chef turned financial planner.
QUESTION: Cold calling is so dead,why are salespeople still doing it?
ANSWER: Their boss makes them, orthey havent figured out a way to makemeaningful connections without beingannoying.
Ill save you the trouble of trying to find
the article. Here are the seven secrets1. Plan Ahead.2. Investigate Before You Call.3. Seek Out a Personal Connection.4. Get Information Before You Give It.5. Get Out of Your Chair and in Front
of a Mirror.6. Keep Careful Records.7. Use Referrals in Your Voice Mail
Message.
HELP ME! Where are the secrets?Maybe its a Wheres Waldo game. Yeah,
thats the secret, er, I mean the ticket.
QUALIFICATION AND REQUEST:Please do not email me and drone on abouthow cold calling works. It doesnt work97-99 out of 100 times. Its the most rejec-tion-laden sales process in existence and the
cause of more depression,low self-esteem, reluctance,avoidance, and disappoint-ment than any other salesstrategy I have ever seen (orused).
Excessive rejection fromcold calling turns you intoanother Popeye character:Whimpy foolishly beggingfor a hamburger and offeringnothing in return.
This article will give youalternative smart ways tomake POSITIVE connec-tions. And be advised theyare NON-secrets. Rather,they are obvious strate-
gies that you can easily andenjoyably employ BUT they require work.
If theres a secret Its to attract new customers, not pro-
voke them. Its to build value-based relationships
with existing customers, not ignore them. Its to be proactive in a positive way,
not call and ask, whos in charge of? Its to approach the process of getting
new customers in a better, smarter way,because there is no worse or dumber way
than cold calling.
Heres my eat-your-spinach plan foryou the 7.5 one-a-day strategies thatwill earn you ten times what the cold callwill produce, build your reputation, andkeep your customers loyal:
1. Visit one customer a day.Talk to the people that loveyou and already buy from you.Find out why they do and askthem if you can record it onyour smart phone. Video isbest. Just a documented min-
ute about their why. NOTEWELL: If youre reluctant todo this, its because your rela-tionship with the customer isweak or non-existent.
2. Have coffee with onecustomer a day. Start your dayat 7am. Build the relationship.Talk family. Share passionsand goals. Look for ways tohelp. Look for ways to connectagain. DO NOT ASK FORBUSINESS OR REFERRALS.
Keep it social.3. Give one referral a day. This is a rev-
elation, and an overlooked golden oppor-tunity to most salespeople. Think of theWOW your customer will have when yourefer business to them and think of the valueyoull build at the end of a year.
4. Attend one face-to-face networkingevent a day. Dont just show up. Show upprepared. Meet new people. Get involvedin the group. Give a speech on the valueof giving value. This will help you becomeknown as a person of value.
5. Make a wish list of five potentialcustomers and post a daily value messagefor them. Incorporate your prospects andyour customers into your outreach. Whenyou name them by name, their search willuncover YOU!
6. Get business social media savvy.
Write and tag every day. Post one customercompliment a day. Post one idea every day.
7. Start a meaningful blog. Somethingthat can give valuable information to thoseyou seek to connect with. Start by postingthe qualities of your best customers. Featurethem, not you.
7.5 Wake up and write. Its the founda-tion of your messaging and communicationsuccess. Its been my personal secret forthe past twenty years and I plan to do thesame for the next twenty.
The big secret is, you gotta do everythingon the spinach list. Thats the work part.The good news is its al l positive work. Itscareer building, value building, reputationbuilding, relationship building, sales build-ing, attitude building, pride building, andsuccess building work. All the things cold
calling is NOT, and will never be.
Put that in your pipe and smoke it, Bluto.Want a few more non-cold-calling ideas?
Go to www.gitomer.com and enter thewords WASTE OF TIME in the GitBit box.
Jeffrey Gitomer is the author of The Sales Bible,Customer Satisfaction is Worthless Customer Loyaltyis Priceless, The Little Red Book of Selling, The LittleRed Book of Sales Answers, The Little Black Book ofConnections, The Little Gold Book of YES! Attitude,The Little Green Book of Getting Your Way, TheLittle Platinum Book of Cha-Ching, The Little TealBook of Trust, The Little Book of Leadership, andSocial BOOM! His website, www.gitomer.com, willlead you to more information about training, seminars,and webinars - or email him personally at [email protected].
2012 All Rights Reserved. Dont even thinkabout reproducing this document without writtenpermission from Jeffrey H. Gitomer and Buy Gitomer.704/333-1112
Please stop cold calling and get a sales life. Theres a better way.
JeffreyGitomer
Blanchard Valley Hospital Among Top5% of U.S. Hospitals for Patient Safety forthe Fourth Consecutive Year
Blanchard Valley Hospital has beennamed a recipient of the Healthgrades2013 Patient Safety Excellence Awardby achieving patient safety ratings that arein the top 5% of U.S. hospitals. This meansthat BVH is an excellent performer in safe-guarding patients from serious, potentiallypreventable complications during their hos-pital stays. This is the fourth consecutiveyear BVH has received this award.
The Healthgrades Patient SafetyExcellence Award is based on a studyreleased by Healthgrades that analyzed
nearly 40 million hospitalization recordsfrom approximately 5,000 hospitals nation-wide that participate in the Medicare pro-gram to determine how each hospital faredin preventing 14 of the most avoidablepatient safety events. Through the study,BVH was found to be in the top 5% in thecountry at preventing these events.
When compared to hospitals perform-ing in the bottom 5% for patient safety, onaverage, patients treated in Patient Safety
Excellence Award hospitals were:81% less likely to experience hip fracturefollowing surgery compared to hospitalsranked in the bottom 5% in the nation[1]
80% less likely to experience pressuresores or bed sores acquired in the hospitalcompared to hospitals ranked in the bottom5% in the nation1
70% less likely to experience a catheter-related bloodstream Infection acquired inthe hospital compared to hospitals rankedin the bottom 5% in the nation1
Healthgrades report highlights the vari-
ation in hospital quality, both locally andacross the nation, in order to show consum-ers that spending time on understanding hos-pital performance can be a matter of life anddeath, said Evan Marks, EVP Informaticsand Strategy, Healthgrades. Consumerscan be assured that a hospital that hasbeen recognized with a Healthgrades 2013
Patient Safety Excellence Award has dem-onstrated an established commitment topatient safety.
To determine each hospitals 2013patient safety ranking, Healthgrades eval-uates Medicare inpatient data from theMedicare Provider Analysis and Review(MedPAR) database for three years (2009-2011) and uses Patient Safety Indicatorsoftware from the Agency for HealthcareResearch and Quality (AHRQ) to analyze14 AHRQ Patient Safety Indicators.
13 of the 14 patient safety events ana-lyzed for this award are:
Death in procedures where mortality is
usually very low Pressure or bed sores acquired in hos-pital
Death following a serious complicationafter surgery
Collapsed lung due to procedure orsurgery in or around chest
Catheter-related bloodstream infections
acquired at hospital Hip fracture following surgery Excessive bruising or bleeding result-
ing from procedure or surgery Electrolyte and fluid imbalance follow-ing surgery
Respiratory failure following surgery Deep blood clots in lungs or legs fol-
lowing surgery Blood stream infection following sur-
gery Breakdown of abdominal incision site Accidental cut, puncture, perforation or
hemorrhage during medical careThe fourteenth patient safety indicator
(foreign object left in a body during a pro-
cedure) is not evaluated as presence of thisevent is a disqualifier for consideration forthe Healthgrades award.
For more information about Healthgrades,to download a full copy of the report or toget information about hospital and physi-cian quality, visit healthgrades.com.
Blanchard Valley Hospital among top 5% of U.S. hospitals for patient safety for the fourth consecutive year
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May 2013 TheBusinessJournal 7
Credit Unions
The economic crisis is over. But the re-
covery is moving slower than predictedand the country needs to put people back towork.
During the Great Recession of 2008 and2009, only three consistent institutional pro-viders of net credit to the economy existed:
1. The federal government in direct Trea-sury, Fed loans or government guarantees
2. Warren Buffetts Berkshire HathawayGroup
3. Credit unions: $272 billion in loanoriginations in 2009, up 7.2% over 2008srecord level
Credit unions have demonstrated theability to provide a countercyclical solutionto financial market challenges.
The recovery is constrained because con-sumers are still caught in a deadly grip ofdebt, according to the New York Times.Over-committed borrowers cannot spendmore, let alone borrow more. The $11.9 tril-lion debt hangover has driven consumersdebt-to-income ratios to all-time highs.
The Uniquely Credit Union Role
Corporate America has aggressively fi-nanced its short- and long-term debt sincethe recovery began in mid-2009 by tak-ing advantage of the lowest interest ratesin memory. These interest savings passthrough to the firms bottom lines. The av-erage consumer, however, has not had thesame opportunity. Few financial institutionswant to exchange a higher yielding, payingloan for a lower yielding one. Why disin-termediate the assets on ones balance sheetand lower earnings, especially with thepressure to modify terms on customers whoare having trouble paying?
In a September 4, Wall Street Journal ar-ticle made two points:
Lower dollar LIBOR rates should be aboon to markets and the economy.
The combination of low borrowingrates and a huge stockpile of cash should betinder for a wildfire of economic growth.
Investments at credit unions total morethan $310 billion out of $916 billion assets.Credit unions currently have $574 billion inoutstanding loans, including 13.2 millioncredit cards, to 45.7 million borrowers.
Every time a credit union modifies amembers loan and reduces their payments,it puts immediate cash into that membershand month after month. The member willput that money toward savings, use it to paydown debt, or re-invest it in additional debt
such as a new car or a home-remodeling
project. This kind of economic boon is di-rect and immediate, and when it is repeatedhundreds, thousands, or millions of timesthroughout a community or region, it putsdemand back into the economy. Demandis what causes employers to ordermore, increase hiring, and invest ingrowth; these are the keys to acceler-ating Americas slow recovery.
The process is happening nowcredit union by credit union, mem-ber by member. The data is comingin. Mortgage pipelines are filling.Refinancing demand (80% of total)is getting close to the record levelsof the first quarter 2009.
On average, credit unions low-ered their credit card rates to around10% on June 30, 2010. Banks haveraised rates to close to 15%. Thisfive-percentage-point savings putsan additional $50 million of spend-ing capacity over a years time forevery $1 billion of card debt out-standing.
A Callahan employee asked to re-finance his first mortgage at a creditunion; the credit union respondedwith a no-cost, no-fee modificationto a 3.75% 5/1 ARM. That lowerrate added almost $1,000 each monthto his households cash flow.
Setting these financial sparks iswhat credit unions do. The focus onmembers and long-term relation-ships encourages proactive initia-tives for existing and new members.These actions also benefit the creditunion. Even at lowered rates, theincreased yield on new loans overshort-term investments is 3-4%. If$100 billion of current investmentswere converted, this increase wouldadd $3.5 billion in total revenue overa year. Most of the increase would godirectly to the bottom line.
Next Steps
As credit unions facilitate con-sumer access to historically lowrates, their collective action ad-dresses the three big issues facingthe country:
Converting idle economic re-sources into cash flow that directlybenefits consumers, which in turnstrengthens confidence, a critical
factor in a faster recovery and job growth,
Demonstrating that actions by market-facing firms can be immediate, direct, andthat government intervention, required inthe crisis phase, can now be drawn back,
Highlighting the critical counterintuitive
role credit unions perform in the economy,
a fundamental part of their social compact.Doing the right thing for the member iscredit unions sole reason for being. Theyare different by design.
Credit Unions can lead Americas economic recovery,show the role of the cooperative charter
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7/30/2019 May 2013 Business Journal A
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