In a study comparing a vast array of numbers measuring growth, service and overall performance, STCU has been judged among the top tier of credit unions.
Twice each year, Raddon Financial Group looks at data provided by credit unions that use its research services. Based on Raddon's Performance Index, STCU was at the 99th percentile in 2008, meaning that of approximately 700 credit unions in the study, 1 percent performed better.
Among the study's 200 large credit unions (those with assets of $500 million or more), STCU is one of 11 to receive Raddon's Crystal Performance Award. No other large Northwest credit union made the list. Ten leaders among smaller credit unions in the study also were honored by Raddon at a recent forum in Colorado.
STCU CEO Steve Dahlstrom said the examination is strenuous. "You know you're doing the right thing when you're recognized by Raddon," he said.
Many of the nation's 8,000 credit unions provide Raddon with a dizzying array of numbers for twice-annual analyses of their financials, products and member household relationships.
According to Raddon, Crystal Award recipients show "consistent application of vision and strategy; a thorough understanding of the needs and attitudes of members; frequent and consistent measurement of performance; accountability assigned at multiple levels within the organization; and constant innovation of products and pricing."
"Despite challenging economic conditions, these credit unions were able to effectively apply their strategies to perform at the highest levels," said Bill Handel, RFG vice president of research and product development.
Admittedly, STCU was out-performed in one important category: operational efficiency. The Spokane-based credit union was judged less efficient than its peers, meaning it spends more than average (per member) on such things as employee training, free financial education for members and nonmembers, community investment, and the cost of operating branches - factors that have a big bearing on member satisfaction.
Dahlstrom said that fits with STCU's business model, which calls for providing members with such outstanding service they come to us for all their financial needs -- and often recommend us to friends.
STCU's vision statement is to be "the most loved and valued financial relationship on Earth." While that may sound corny to some, members are appreciative: For four consecutive years, readers of the Pacific Northwest Inlander have named STCU the region's best financial institution.
In a study conducted by Raddon in spring 2008, STCU placed in the 94th percentile among participating credit unions for "overall satisfaction" among members and in the 92nd percentile for the number of members who say they'd go to STCU every time they need a loan.*
Started in 1934, when deposits were collected in a shoebox, STCU now is the third-largest Washington-based credit union, and among the top 2 percent nationwide. It gained an average of 909 new members per month in 2008, and recently topped 84,000 members and $1.3 billion in total assets.
Like all U.S. credit unions, STCU is a not-for-profit corporation, meaning it can focus on satisfying members, rather than providing profits to stockholders. Its board consists of volunteers elected by members.
