FLAG Credit Union has been named 2020 Credit Union of the Year by the League of Southeastern Credit Unions for credit unions up to $100M in assets. FLAG Credit Union serves more than 6,000 members across the entire state of Florida and is continually committed to serving the underserved.
The credit union has intensely focused on enhancing the infrastructure of their digital environment making it possible to bank with a local institution without sacrificing convenience.
According to Board Chair Eric Sespico, “FLAG CU has been taking steps over the past couple years to find ways to better serve current and potential members – embracing both high-tech and high-touch strategies. We’ve come a long way in a short amount of time. Being named ‘Credit Union of the Year’ is an honor and acknowledgement of the efforts we’ve made on behalf of our members.”
To earn the title of “Credit Union of the Year,” a credit union must show a track record of innovation, outreach, and growth. FLAG excelled in all areas. A few of the most notable initiatives included:
- The credit union solicited input from their core member group, the Florida Department of Agriculture and Consumer Services and adopted initiatives the agency found important. Marijuana Related Businesses (MRBs) and hemp businesses are a rapidly expanding industry that receives little guidance and support from traditional service providers. While FDACS has worked to help these businesses find logistical and legal guidance, FLAG wanted to be able to support their development to the best of the credit union’s capabilities. They worked to gather opinions and advice from regulators to ensure that the credit union is able to serve all facets of FDACS while doing it the right way.
- FLAG further supports FDACS employees by hosting Empower Hour lunches on-site at the agency. These lunches are professional development courses that cover topics such as budgeting, understanding credit, and fraud prevention.
- FLAG also added annual leave time for volunteerism and adopted a classroom at WT Moore Elementary School where staff member Kathy Edwards was awarded Mentor of the Year.
- The credit union saw membership grow more than double the national average for a credit union in their asset category, while increasing their net worth by 8.25% through expense reduction, renegotiating contracts, and increasing income through loan growth and cash flow management.