Launches STCU Business as a complementary brand.
STCU is being Frank with businesses – and not just in its advertising.
[june 8, 2023]
While the Spokane-based credit union has offered business accounts for decades, for much of that time it was secondary to serving individual members with personal accounts. That meant STCU often was a bit behind in adopting sophisticated tools for commercial accounts, and referred businesses with complex needs to other financial institutions.
No more.
Since 2016, building up its business and commercial division has been an STCU strategic priority. That led to a years-long drive to beef up its technology, accounts and services for business members, and assemble a seasoned team of business and commercial bankers.
By the time the pandemic hit, STCU was prepared to help more than 1,000 businesses with PPP lending, including some that are members of smaller credit unions that lacked the capability to process the applications themselves. Since then, the build-out has continued, and in April STCU launched a rebrand of what is now known as STCU Business.
“We can compete with anyone in the Inland Northwest in delivering business member needs,” said Chief Retail Officer Brian Read. “We are on par with regional banks.”
Read, who joined STCU early this year, oversees STCU’s 38 branch locations, as well as the business banking team that is spread through those locations. Those individuals are equipped to serve businesses with basic banking needs, including payroll, lending and other services.
STCU Business upgrades.
In recent years, building out its business and commercial division has been a strategic priority at STCU. As a result, it now offers a more sophisticated product line.
Among other things, that includes:
- A trio of rewards and non-rewards business credit cards.
- More business checking options.
- Better solutions for cash-management, merchant solutions, and payroll.
- Point-of-sale options for in-store and mobile payments that work with Apple Pay, Google Pay and other digital wallets.
STCU’s commercial loans can be used to finance owner- and nonowner-occupied properties, construction projects, multi-family housing projects, and industrial equipment.
The credit union, which in recent years has expanded into rural communities where banks have exited, plans to add agricultural lending.
Meanwhile, a growing team of commercial bankers serves businesses with more complex banking and commercial lending needs. That commercial team is led by STCU Senior Vice President of Business and Commercial Services Joe Yetter.
“While we’re happy to continue serving smaller businesses, STCU is now fully capable of serving operations considered large by Inland Northwest standards,” said Yetter, who joined the STCU team in 2020, bringing more than 30 years of commercial banking and lending experience at Umpqua and Banner banks.
Growing its business capabilities is good for all 270,000 STCU members. It’s an efficient way to diversify the portfolio of the not-for-profit cooperative, while drawing deposits that help STCU offer attractive rates while minimizing fees.
“It builds on the strength of STCU’s brand as an organization that’s ‘here for good’ for our members and in the community,” said Yetter.
Business re-brand.
While STCU has been busy building out its business capabilities, many in the business community were unaware that it could serve businesses at all.
“We still hear, 'I have my personal accounts at STCU, but I was not aware that STCU could manage my business accounts,’” said Curt Fuller, STCU Director of Commercial Business Development, who came to STCU in 2022, with more than 30 years of experience in commercial banking and lending.
To raise awareness, STCU’s internal Brand Marketing team unveiled the STCU Business rebrand in April. The new look complements the credit union’s core brand, but with some key differences, including a duo-tone color palette.
And then there’s Frank.
A character created by the STCU Brand Marketing team, Frank appears on billboards, in print and digital ads, and in videos seen on TV, streaming and digital. Frank, who is played by actor, is meant to personify a candid relationship between STCU Business and the businesses it serves.
“In a business relationship, being ‘here for good’ means providing whatever the business member needs to have the greatest opportunity for success,” Fuller said. “Sometimes that means saying, `Tell me what keeps you up at night, and let’s work on a solution together.’”
Or, as Frank says in one TV commercial, “the more transparent you are with us, the better we can help you.”
About us.
Founded by schoolteachers in 1934, STCU serves more than 270,000 members from all walks of life, living in all 50 states. Members have 24/7 access to accounts through digital tools, and at branch locations throughout Eastern Washington and North Idaho. Our 39th branch location opens in Moses Lake in 2024.