Nov 14, 2023
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Small credit unions often find themselves in the shadow of larger banks, with the threat of mergers looming large. But is there a way for these underdogs to not just survive, but thrive amidst such challenges? Enter Peter St. Onge, President/CEO of Trademark Federal Credit Union, who knows the pressure all too well. Upon stepping into his role, St. Onge was greeted with daunting challenges: a staggering 43% employee turnover rate and a troubling negative Return on Assets (ROA). With the walls closing in and merger discussions becoming a persistent buzz, Trademark Federal Credit Union was fighting an uphill battle for survival. However, through innovative leadership and strategic changes, the narrative began to shift. Today, Trademark Federal Credit Union stands as a testament to what's possible, expecting a healthy positive ROA of 50-60 basis points, and the whispers of mergers have been silenced. In this episode of Banking on Experience, we delve into the remarkable turnaround story of Trademark Federal Credit Union. Join us as Peter St. Onge shares the pivotal decisions, leadership philosophies, and steadfast commitments that transformed a struggling credit union into a flourishing, employee-first institution. Discover the insights and strategies that any small credit union can employ to chart its own course to success. Tune in to uncover the secrets behind beating the odds and rewriting an organization's destiny. |