![]() ![]() They are able to take advantage of more opportunities and to spread risks over larger markets than can MFCU.” “Furthermore, all of our most important prior competition – First Interstate Bank, First Security Bank, Opportunity Bank, Farmers Bank, Trail West Bank, Wells Fargo and US Bank, plus the new entrants mentioned above – enjoy significantly larger markets than does MFCU. This leads to aggressive marketing, pricing and underwriting,” MFCU’s strategic plan continues. The market expansion strategies and resource commitments that are implied by new entrants put enormous pressure on their management teams to win new market share. “These new entrants are adding branches, recruiting talent and expanding the range of options available to local consumers. ![]() In fact, there are 18.”Īnd three of those institutions are relatively recent additions to the Missoula-area market: Stockman Bank, Horizon Credit Union and Parkside Credit Union. ![]() If that level of competition carried over into our local market, there would be 6 or 7 financial institutions. “That translates to about one financial institution for every 28,000 people in the U.S. ![]() “There are approximately 11,500 independent banks and credit unions operating in the U.S.,” the strategic plan explains. In its strategic plan, the credit union took a detailed look at Missoula’s increasingly competitive market for financial institutions. “As we’ve grown to reach more communities outside Missoula, we’ve had to ask ourselves whether the name Missoula Federal Credit Union, a name that has served us well for 63 years, will continue to serve us in these different communities,” Lawson said in Wednesday’s announcement. With the new strategic plan in hand, the credit union gained approval to serve four additional counties in 2018: Beaverhead, Deer Lodge, Granite and Silver Bow.Īs of 2019, Missoula Federal has more than 50,000 members and manages more than $500 million in assets. MFCU opened its first branch outside Missoula in 2006 – in Stevensville. That move actually began in 2002, when the credit union’s charter was expanded to service “anyone who lives, works, worships, attends school, volunteers in, or participates in membership-based organizations headquartered in Missoula, Ravalli and Lake counties.” Rather than pursue mergers with either smaller or larger credit unions, though, the strategic plan called for Missoula Federal to adopt a “values-based approach” to member recruitment – and to look across a wider geographic area. Larger banks and credit unions are becoming larger still.” “Small banks and credit unions are merging into larger banks and credit unions. “Yet the industry as a whole is moving rapidly toward larger scale in order to take advantage of the benefits that size brings to financial services providers. “MFCU is a mid-sized credit union,” the strategic plan explains. The name change reflects a larger move by Missoula Federal to grow its membership by expanding beyond Missoula County, as dictated by the five-year strategic plan adopted by the credit union’s Board of Directors in March 2017. A name that highlights to our dedication to being transparent and reminds us of everything banking can be.” “A name that reflects our local roots as well as our commitment to being a force for good. ![]()
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