Coventry Credit Union got its start in 1950. Now 60 years later, it has five branches, $259 million in assets, 31,457 members and 90 employees. Richard Gingell, president and CEO of Coventry Credit Union, answered five questions about the institution.
PBN: How and why did the credit union get its start? Most credit unions have had simple beginnings. What was CCU’s?
GINGELL: Coventry Credit Union opened its doors in 1950 to provide one simple solution to the community – a local credit union to folks that were growing weary of traveling [to West Warwick] to do their banking. The original branch, a one-room building, planted the seeds of unparalleled service and commitment that our members continue to enjoy today.
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PBN: What have been some of the highlights of CCU’s history in recent years?
GINGELL:From our humble beginnings 60 years ago, we have grown to become a statewide financial institution offering safe, secure products and services to our members. Some of our highlights include:
- 1972 – The Main Street Branch in Coventry opened its doors.
- 1985 – CCU begins servicing members in the new West Warwick location on Main Street.
- 1988 – Opening of our new Nooseneck Hill Road Branch in Coventry.
- 1995 – “ATM 911” arrives at CCU making the Credit Union the first in Rhode Island to install 911 buttons at branch ATMs.
- 1998 – CCU expands into northern Rhode Island with the opening of our branch on Railroad Street in Lincoln.
- 2001 – CCU opens 20,000-square-foot corporate operations center housing information systems, branch operations, mortgage division, executive officers, collections, accounting, facilities management, human resources and marketing.
- 2008 – CCU expands into southern Rhode Island with the opening of a new branch on Post Road in North Kingstown.
- 2008 – Established our commercial services division offering small business services and solutions.
- 2010 – Introduction of a new youth saver program offering saving and financial education services for our young members age 1 to 19.
PBN: Have you been successful in attracting members at the branches in Lincoln and North Kingstown, areas away from Coventry?
GINGELL: We have had a successful two years in our new North Kingstown branch, and in 2011 we will be focusing on expanding our membership in that area. Our northern Rhode Island branch in [the Manville section of Lincoln] is a strong branch with deep local roots in the community. We will continue to invest in these areas and expand membership.
For 2011, we have various member-related events to be held in the North Kingstown and Lincoln/Manville branches that will align with new promotions and products that we will offer. We recently introduced our new youth saver programs, Kirby Kangaroo and CU Succeed for teens that have been very successful in these areas.
PBN: How has Coventry Credit Union weathered the recession?
GINGELL: I think every business has been affected by the lingering financial problems in our economy, especially here in Rhode Island. With loss of jobs to areas outside our country, high-energy costs, high education costs and extremely high health care costs, all have resulted in the loss of homes, automobiles and the very items so many people worked hard to achieve.
I am pleased to say that our collections department has worked extremely hard to continue to help and work with our members whenever it was possible. For the first time in our history, we have had a few foreclosures, but we have continued to keep this number extremely low. Again, we work diligently to avoid this situation if at all possible.
In the midst of the economic turmoil, Coventry Credit Union has continued lending, offering competitive rates, and expanded our services so that we may continue to help our members. We have also continued to offer fine rates on our saving and investment products, while keeping our fees as low as possible.
PBN: Where do you see Coventry Credit Union going in the future?
GINGELL: As we move forward in 2011, we are cognizant of the continuing changes in the banking industry and our economy. Similar to many of our peers in Rhode Island, we have had to make some changes in structure and refocus of our marketing and operations. These all had a positive effect on our organization. In order for Coventry Credit Union to remain competitive, we know that we must invest in our internal systems and support services and continue to offer best-in-class, personalized services and smart banking products … quickly and efficiently.
In 2011 we will continue to invest in and market our commercial services division and “Ask Adam” program. We will be offering specialized events to potential and current business members in support of the struggles they encounter as a small business. We will also be introducing the new Simply Deposit remote deposit capture program as a convenient service for small business owners.
Our new and improved website will be launched soon. The new website will offer a fresh new design, simple navigation and site tools and of course improved MemberNet and BusinessNet online banking services. The new website will also offer a “Member Resources” section offering members various resources to help them to plan their finances, learn about fraud, how to maintain a good credit score, etc. We are also planning our new “Online Account Opening” platform that we hope to introduce in 2011.
We are diligently planning for our future and realize that we must remain respectful of the long history of membership that we have developed over the past 60 years. We need to grow with our membership and for our membership.
