Spokane Teachers Credit Union has set its sights on a lofty milestone: reaching $1 billion in assets by 2007.
Unlike some other credit unions here, however, Teachers will rely on what it has been doing, and not expanding into new markets, to drive its growth. (See story, this page.)
If we follow our growth pattern, were going to get there, says Steve Dahlstrom, Teachers president and CEO.
Dahlstrom attributes the steady growth at Teachers to what he calls the compound membership concept. He says about two-thirds of all new members are related to a current memberone common scenario is a couple whose children become old enough to have accounts.
Currently, Dahlstrom says, the only credit unions in Washington that have assets over $1 billion are Washington State Employees Credit Union and Boeing Employees Credit Union, both based in Western Washington.
As of Nov. 30, Teachers had about $627 million in total assets and $525 million in total deposits.
While Dahlstrom says the Spokane-based institution hasnt adopted any specific new strategies to reach its stated goal, it does make decisions as if it expects to be that size in four years.
Teachers operates six branches in the Spokane area and one in Newport, Wash. The credit union has agreed to buy the Cheney branch of Wheatland Bank and to transfer that branchs deposits to Teachers. That transaction is expected to be completed this month.
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