Electro Savings Credit Union
Background
Founded on April 23, 1941, by employees of Union Electric Company, Electro Savings Credit Union (ESCU) has been a cornerstone in the St. Louis, Missouri, financial landscape for over eight decades. As a member-owned, not-for-profit financial cooperative, ESCU has consistently prioritized the financial well-being of its members and the broader community. The credit union offers a comprehensive suite of financial products and services, including checking and savings accounts, loans, and credit cards, tailored to meet the diverse needs of its membership.
Key Strategic Focus
ESCU's strategic initiatives have centered on expanding its service offerings and enhancing member engagement. The credit union has been committed to leveraging technology to provide convenient banking solutions, such as online banking and mobile applications, ensuring members have seamless access to their accounts. Additionally, ESCU has placed a strong emphasis on community involvement, supporting various local charities and non-profit organizations through financial contributions and volunteer efforts.
Financials and Funding
As of June 30, 2024, ESCU reported total assets of approximately $230.33 million, with a membership base of 21,656 individuals. The credit union's financial performance has faced challenges, including a net loss of $1,136,029 during the reporting period. Key financial metrics include a net capital ratio of 5.45% and a leverage ratio of 5.89%. The asset composition comprises 38% consumer loans, 24% home mortgages, and 38% other assets. Despite these challenges, ESCU has maintained a commitment to serving its members and the community.
Leadership Team
The leadership team at ESCU has been instrumental in guiding the credit union through its strategic initiatives and community-focused efforts. Key executives include:
- Jim Struble, President & CEO
- Ashley Keegan, Vice President of People
- Lisa Farnen, Vice President of Marketing
These leaders have played pivotal roles in steering the credit union's operations and strategic direction.
Leadership Changes
In February 2023, ESCU promoted Laura Mugge to Assistant Vice President of Marketing & Communications, reflecting the credit union's commitment to internal talent development and enhancing its marketing strategies.
Competitor Profile
Market Insights and Dynamics
The credit union industry in the St. Louis region is characterized by a competitive landscape with several institutions vying for market share. Key competitors include:
- Together Credit Union: With assets ranging from $100 million to $1 billion, Together Credit Union offers a broad spectrum of financial services and has a significant presence in the region.
- Arsenal Credit Union: Operating within the $10 million to $50 million asset range, Arsenal Credit Union provides personalized banking solutions to its members.
- St. Louis Community Credit Union: With assets between $10 million and $50 million, this credit union focuses on serving the local community with various financial products.
These competitors emphasize community engagement and offer diverse financial products, contributing to a dynamic and competitive market environment.
Strategic Collaborations and Partnerships
On January 1, 2025, ESCU merged with CommunityAmerica Credit Union, Missouri's largest credit union, to enhance service offerings and expand their footprint in the St. Louis metro area. This strategic partnership aims to leverage combined resources to better serve members and invest meaningfully in the community.
Operational Insights
The merger with CommunityAmerica Credit Union positions the combined entity to offer enhanced financial products and services, leveraging economies of scale and a broader branch network. This strategic move is expected to strengthen the credit union's market position and provide members with improved access to banking services.
Strategic Opportunities and Future Directions
The merger presents opportunities for growth and innovation, including the introduction of CommunityAmerica's Profit Payout program to ESCU members. This initiative underscores the credit union's commitment to sharing financial success with its members and differentiates it in the competitive banking landscape.
Contact Information
For more information, visit the official website.
Note: As of January 1, 2025, Electro Savings Credit Union has merged with CommunityAmerica Credit Union. For the most current information, please refer to CommunityAmerica Credit Union's official channels.
