1st Gateway Credit Union Market Research Report

Background

1st Gateway Credit Union was established in 1953 in Camanche, Iowa, initially serving employees of the DuPont Cellophane plant. Over the decades, it has expanded its membership and services, becoming the 18th largest credit union in Iowa, with seven branches and over 10,000 members. The credit union is committed to the principle of "People Helping People," focusing on enhancing the financial well-being of its members and investing in the communities it serves.

Key Strategic Focus

1st Gateway Credit Union's strategic focus centers on providing comprehensive financial services to its members, including savings and checking accounts, loans, and investment options. The credit union emphasizes community engagement and member satisfaction, exemplified by initiatives like the S.O.S. (Sharing Our Success) program, which returned $400,000 to members through annual bonus dividends and interest rate rebates in 2024.

Financials and Funding

As of Q4 2023, 1st Gateway Credit Union reported total assets of $159.09 million, with total loans amounting to $133.76 million and total deposits of $133.23 million. The credit union maintains a strong net worth ratio of 13.81%, categorizing it as "well-capitalized." Net income for the same period was $1.25 million.

Technological Platform and Innovation

In 2019, 1st Gateway Credit Union partnered with Credit Union Acceptance Company (CUAC) to enhance its indirect lending solutions. This collaboration aimed to improve efficiency, accuracy, and service levels, providing the credit union with a competitive edge in the market.

Leadership Team

Pat Drennen: Chief Executive Officer

Angela Drury: Chief Operating Officer

Both executives have played pivotal roles in the credit union's growth and commitment to member satisfaction.

Competitor Profile

Market Insights and Dynamics

The credit union industry in Iowa is competitive, with numerous institutions vying for market share. Key competitors include:

GreenState Credit Union: Based in North Liberty, IA, offering a wide range of financial services.

Veridian Credit Union: Headquartered in Waterloo, IA, known for its extensive branch network and member services.

Dupaco Community Credit Union: Located in Dubuque, IA, focusing on community engagement and financial education.

Strategic Collaborations and Partnerships

The partnership with CUAC in 2019 has been instrumental in enhancing 1st Gateway Credit Union's indirect lending capabilities, leading to increased efficiency and improved member services.

Operational Insights

1st Gateway Credit Union's commitment to returning value to its members, as demonstrated by the S.O.S. program, sets it apart in the competitive landscape. The credit union's strong financial position and focus on community engagement further reinforce its market position.

Strategic Opportunities and Future Directions

Looking ahead, 1st Gateway Credit Union aims to continue its growth trajectory by expanding its membership base, enhancing technological platforms, and introducing innovative financial products. The credit union's strong capital base and commitment to member satisfaction position it well to seize future opportunities.