Opportunities Credit Union: Comprehensive Company Profile

Background

Opportunities Credit Union (OCU), established in 1989, is Vermont's sole community development credit union. Dedicated to serving low-income and traditionally underserved populations, OCU's mission is to create wealth and promote economic development by providing affordable capital and financial services. The credit union's motto, "We don’t say 'no', we say when," underscores its commitment to financial inclusion and empowerment.

Key Strategic Focus

OCU focuses on:

• Affordable Lending: Offering innovative loan programs for credit building, homeownership, business development, and energy improvements.

• Financial Education: Providing counseling and education to enhance financial literacy among members.

• Community Development: Collaborating with public and private entities to address the financial needs of Vermonters, particularly those considered too risky by mainstream institutions.

Financials and Funding

As of Q1 2024:

• Total Assets: $65,417,286

• Net Worth: $7,380,267

• Net Worth Ratio: 11.28%, indicating a well-capitalized status

• Membership: 5,897 members

• Branches: 2 locations

• Employees: 27 full-time and 1 part-time

OCU has secured significant funding to support its initiatives, including:

• Community Development Financial Institution (CDFI) Awards: Over $17 million in Financial Assistance Awards and $289,055 in Technical Assistance Awards since becoming a CDFI.

• Grants: Multiple grants from entities such as the Federal Home Loan Bank and the U.S. Department of Housing and Urban Development (HUD).

Pipeline Development

OCU has made a substantial impact on Vermont's communities:

• Affordable Housing: Assisted in the purchase of over 3,900 affordable homes.

• Energy Efficiency: Provided over $10 million in energy-saving loans.

• Transportation: Facilitated the purchase of 1,865 vehicles.

• Business Growth: Supported 1,400 Vermont businesses.

• Accessibility: Issued 774 loans for accessibility devices for disabled Vermonters.

Technological Platform and Innovation

OCU leverages technology to enhance member services:

• Core Server Upgrade: Installed a new core server processing 788,000 transactions in 2022.

• Financial Counseling: Utilized CDFI grants to fund the Money Sense Financial Counseling Program, providing free services to 1,572 Vermonters in 2022.

Leadership Team

• Kate Laud: Chief Executive Officer

• James Emerson: Chief Information Officer and Security Officer

• Stephanie Struble: Chief Operations Officer and Financial Education Program Manager

• Margueritte Emungu: Accounting Supervisor

• Andrea Heller: Money Sense Program Manager

• Tasha Thompson: Lead Member Service Representative

Competitor Profile

Market Insights and Dynamics

The credit union industry is experiencing shifts due to digital transformation and evolving member expectations. Credit unions are focusing on enhancing digital services, improving operational efficiency, and expanding financial education to remain competitive.

Competitor Analysis

OCU operates in a niche market, focusing on low-income and underserved populations in Vermont. While there are other credit unions in the region, OCU's unique mission and CDFI designation set it apart. Competitors may include larger regional banks and credit unions with broader membership criteria, but OCU's specialized services and community focus provide a distinct competitive advantage.

Strategic Collaborations and Partnerships

OCU collaborates with various organizations to enhance its services:

• Community Partnerships: Works with public and private entities to address financial needs of underserved Vermonters.

• Grant Programs: Secured funding from organizations like the Federal Home Loan Bank and HUD to support community development initiatives.

Operational Insights

OCU's strategic considerations include:

• Member-Centric Services: Tailoring products to meet the unique needs of low-income and underserved populations.

• Financial Education: Providing counseling and education to empower members financially.

• Community Development: Investing in initiatives that promote economic stability and growth within Vermont communities.

Strategic Opportunities and Future Directions

OCU aims to:

• Expand Financial Education: Enhance programs to improve financial literacy among members.

• Leverage Technology: Continue upgrading technological infrastructure to improve member services.

• Strengthen Community Partnerships: Collaborate with more organizations to broaden the impact of its initiatives.

Contact Information

• Website: Opportunities Credit Union

• Phone: 1.800.865.8328 Toll-Free

• Social Media:

• Facebook: Opportunities Credit Union

• Twitter: @OpportunitiesCU

• LinkedIn: Opportunities Credit Union

Note: The above contact information is based on available data as of May 2025.