SeaComm Federal Credit Union was founded in 1963 by 10 GM employees who banded together to help each other obtain small loans when banks would not lend to them. The credit union has stayed true to its original philosophy of making credit available to those who cannot get it elsewhere. It prides itself on working hard to assist any members facing challenges, and considers character over credit scores when making lending decisions. SeaComm remains committed to serving its local community and understands the importance of financial education for both children and adults.
May 30th 2015 workshop presentation (slide share sample)Mary Norris-Ellis
This is a Test SlideShare to see how easy or hard the real one will be on 02/04/2016. To find out more about what I do, send and email request to Mary@GoldenHeartsHoldings.com or text 678-856-3258
Dean Graziosi - 7 Ways to Finding Funding Right NowDean Graziosi
Find Funding Right Now - 7 Ways to Fund Your Deals In Today's Down Market..
We're going to give you specific go-to resources that will help you to locate financing in these seven major funding resource categories:
- Community Banks and Credit Unions
- Friends and Family
- Government Funding and Grants
- Investors
- Hard Money
- Lines of Credit
- Short Term Funding
The BAG Lady Radio Show Presents the Financial Self-Defense Series: Using what others have to get what you want. This is the first of a series of broadcasts with live interactions and callers about credit, finance and "God's Money".
See the latest of what is going on in the Tabor community in this February edition of the newsletter.
- Call for Seattle Fire Code Advisory Board
- Tabor General Meeting Photos
- Boosting Main Street Lending
- The Business of Education
May 30th 2015 workshop presentation (slide share sample)Mary Norris-Ellis
This is a Test SlideShare to see how easy or hard the real one will be on 02/04/2016. To find out more about what I do, send and email request to Mary@GoldenHeartsHoldings.com or text 678-856-3258
Dean Graziosi - 7 Ways to Finding Funding Right NowDean Graziosi
Find Funding Right Now - 7 Ways to Fund Your Deals In Today's Down Market..
We're going to give you specific go-to resources that will help you to locate financing in these seven major funding resource categories:
- Community Banks and Credit Unions
- Friends and Family
- Government Funding and Grants
- Investors
- Hard Money
- Lines of Credit
- Short Term Funding
The BAG Lady Radio Show Presents the Financial Self-Defense Series: Using what others have to get what you want. This is the first of a series of broadcasts with live interactions and callers about credit, finance and "God's Money".
See the latest of what is going on in the Tabor community in this February edition of the newsletter.
- Call for Seattle Fire Code Advisory Board
- Tabor General Meeting Photos
- Boosting Main Street Lending
- The Business of Education
Young Adults & Credit Unions - Partnering with mY generationJoshua Jones
Delivered at the 2008 CUNA Lending Council Conference. This presentation offers examples, suggestions, resources, and info about successful Gen Y lending practices.
Small business loan options for native american owned businessesMerchant Advisors
Native American business are facing unique financial challenges. We can help minority businesses to grow with a range of small business loan options. https://www.onlinecheck.com/blog/business-loans/small-business-loan-options-for-native-american-businesses/
Divided We Stand: The State of Freelancing in the United StatesMark Wnek
Mark Wnek discusses the challenges and benefits of freelance work. While millennials may be flocking to this type of work; there are real considerations that will ultimately affect career trajectory and life paths.
Micro Economic Business Model To Employ The HomelessAlan Graham
Recognizing that many of our homeless population desire to have fulfilling employment but whose circumstances might not warrant gainful employment we want to implement a business model to create work for those who are physically and mentally capable. Many in the industry of service to the homeless have noticed that most struggle with the typical structure of employment and may even be learning disabled; struggling to keep a commitment and to stay focused. When asked what they best like about being homeless one of the common answers is freedom. We will reach out to those entrepreneurs in the community who desire to mentor the formerly homeless in starting small flexible businesses. Skills taught will be startup, management, marketing, customer service and operations. All of the profit will go towards the newly minted entrepreneur. The goal is to create a modest living income source that is sufficient to live with dignity within the Habitat on Wheels community. That income is approximately $850 per month net.
company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Bunaken Island | Nov-15 | Off- Grid Island Electricity Workshop – Bunaken Isl...Smart Villages
By Anare Matakiviti
Off-grid electrification for development of small islands represents a number of unique challenges under the broad category of rural electrification. Small, off-grid island communities are particularly vulnerable to diesel price fluctuations and natural disasters, and thus, enhancing resilience through more sustainable and cheaper energy technologies should be a key priority. Financing the transition to these technologies – usually photovoltaic, micro-hydro or sometimes wind – is an essential hurdle to overcome. Once electricity systems are in place it is equally important that they are sustained in the longer term with effective arrangements for operation and maintenance, cost recovery etc. Related to this, is the productive use of the energy provided to increase islander incomes.
The workshop on Bunaken Island, Sulawesi, Indonesia from 3 to 5 November 2015, organised by the Smart Villages Initiative in collaboration with Kopernik, will explore these issues and develop recommendations for policy makers, development agencies and other stakeholders in energy provision to island communities.
More info: http://e4sv.org/events/off-grid-islands-electricity-workshop/
Young Adults & Credit Unions - Partnering with mY generationJoshua Jones
Delivered at the 2008 CUNA Lending Council Conference. This presentation offers examples, suggestions, resources, and info about successful Gen Y lending practices.
Small business loan options for native american owned businessesMerchant Advisors
Native American business are facing unique financial challenges. We can help minority businesses to grow with a range of small business loan options. https://www.onlinecheck.com/blog/business-loans/small-business-loan-options-for-native-american-businesses/
Divided We Stand: The State of Freelancing in the United StatesMark Wnek
Mark Wnek discusses the challenges and benefits of freelance work. While millennials may be flocking to this type of work; there are real considerations that will ultimately affect career trajectory and life paths.
Micro Economic Business Model To Employ The HomelessAlan Graham
Recognizing that many of our homeless population desire to have fulfilling employment but whose circumstances might not warrant gainful employment we want to implement a business model to create work for those who are physically and mentally capable. Many in the industry of service to the homeless have noticed that most struggle with the typical structure of employment and may even be learning disabled; struggling to keep a commitment and to stay focused. When asked what they best like about being homeless one of the common answers is freedom. We will reach out to those entrepreneurs in the community who desire to mentor the formerly homeless in starting small flexible businesses. Skills taught will be startup, management, marketing, customer service and operations. All of the profit will go towards the newly minted entrepreneur. The goal is to create a modest living income source that is sufficient to live with dignity within the Habitat on Wheels community. That income is approximately $850 per month net.
company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Bunaken Island | Nov-15 | Off- Grid Island Electricity Workshop – Bunaken Isl...Smart Villages
By Anare Matakiviti
Off-grid electrification for development of small islands represents a number of unique challenges under the broad category of rural electrification. Small, off-grid island communities are particularly vulnerable to diesel price fluctuations and natural disasters, and thus, enhancing resilience through more sustainable and cheaper energy technologies should be a key priority. Financing the transition to these technologies – usually photovoltaic, micro-hydro or sometimes wind – is an essential hurdle to overcome. Once electricity systems are in place it is equally important that they are sustained in the longer term with effective arrangements for operation and maintenance, cost recovery etc. Related to this, is the productive use of the energy provided to increase islander incomes.
The workshop on Bunaken Island, Sulawesi, Indonesia from 3 to 5 November 2015, organised by the Smart Villages Initiative in collaboration with Kopernik, will explore these issues and develop recommendations for policy makers, development agencies and other stakeholders in energy provision to island communities.
More info: http://e4sv.org/events/off-grid-islands-electricity-workshop/
In this photo session i just want to reveal the true love between both of them, we can't live the same moment again and again, but we can capture these memories by having photo session with the help of professionals.
Introduction,
history,
Characteristics features,
Planning,
Influences and principles of the garden,
Elements of Italian garden,
The contemporary garden,
Tuscan style garden,
Division of Italian Renaissance Gardens- 1.Gardens of the Early Italian Renaissance
2. Gardens of the High Renaissance
3.Mannerism and the Gardens of the Late Renaissance,
Other examples of the italian garden,
Some Featured plants,
What are young people really looking for from their financial institution?
Gen Y, Millennials, Net Generation, Echo Boomers, Generation Next—no matter what label you give them, the fact is, credit unions are failing to attract the next generation of members. There is a decade-plus age gap in credit union industry. While the average age of a North American is 37 years old, the average age of a credit union member is almost 50. Credit unions are not replacing maturing depositors with young borrowers fast enough. But your credit union doesn’t have to fade into the history books. Learn how your credit union can understand and connect with young adults.
10 Ways Credit Unions Can Transform Millennials into MembersCafeGive Social
How can credit unions win big with millennials - the fastest growing consumer segment in US history?
Read this guide for 10 ways to transform millennials into members, with insights from Kim Vu, VP of Community Investment and Social Impact Executive Director, Northwest Credit Union Association (NWCUA)
BoyarMiller's State of the Capital Markets eBookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller hosted three financial experts for a moderated discussion on The Current State of the Capital Markets 2019. The panelists were: Kamden D. Kanaly, CFP®, Chairman, KDK Private Wealth Management; John Sarvadi, Executive Managing Director, Corporate Banking, Texas Capital Bank; and Scott D. Winship, Managing Director, GulfStar Group Investment Bankers.
1. 1
ceocfointerviews.com
All rights reserved!
Issue: February 9, 2015
The Most Powerful Name in Corporate News
Federal Credit Union for St. Lawrence and Northern Franklin Counties
CEOCFO: Mr. Wilson, what is the philosophy at SeaComm Federal Credit Union?
Mr. Wilson: It is important for everyone to know that we understand that never forgetting your
roots or where you come from is overall key to success. Staying grounded in the basic
philosophy is important. We were founded by ten General Motor’s employees that got
together because back in 1963, certain banks were not willing to lend these folks small loans
to bridge them from payday to payday. They decided to form a cooperative so that they could
help each other and make credit available to themselves. The 1934 Credit Union Act is just
that--making credit available to those who cannot get it elsewhere. We have stayed true to
that philosophy. Back in 2010, we opened our sixth retail branch and I said at that time that
this was the first time in our 47-year history that we were opening up a branch and there is no
longer a General Motors plant operation in Massena; it closed but we never forget where we
came from. The bottom line for us is you have to earn a profit but actually running a
successful credit union is much like what those ten founding members wanted which was
basically to take care of family, friends and neighbors. We realized that no person’s financial
life fits into a one-size-fits-all box and certainly a FICO score dictates what we are going to
charge for a rate but we do not make a complete lending decision based upon it. We take the
person’s whole history into consideration and character is extremely important. I am proud of
the fact that SeaComm continues to have that core philosophy being as we are nearly half a
billion dollars in assets today, fifty-one years later.
CEOCFO: Does the area you serve understand that about SeaComm?
Mr. Wilson: I believe so. Today we are sitting nearly at 29% market share. We have over 41,000 members and that is
one of the things that we pride ourselves on is that people who are having challenges in their lives knowing that they can
come into one of our branches or call on the phone and we will work and try extremely hard to assist them. Can we help
everyone? No, but I think we do a very good job of making our best effort to do that.
CEOCFO: Would you give us an example of an out-of-the-box interaction?
Mr. Wilson: A couple of years ago I had some members who were having some challenges. They came in to discuss it
with our collection staff. They were behind on their truck payment and a bit on their credit card and they were making
some payments on it. They always had come in and had conversations with us. They indicated that their home was going
into foreclosure and the staff person said she cannot do anything for them but she suggested they give Scott a call and
they could speak with him. The woman came in and she told me her story. It simply was that she and her husband had
retired. They were from the suburb near Rochester, New York and had moved up to the north country to build a dream
home. His brother lived in the area; it was a little more laid back, and that they loved the North Country. He was a retired
police officer and decided to get another job. He lost that job as he realized that the people at the top were doing things
that they ought not to be doing. He turned them in and lost his job. His wife was a nurse and she got sick and was unable
to work at the time so with the loss of his job he fell behind on his payments. These were people of integrity and had fallen
on hard times because of things that had happened in their lives that were unforeseen. I looked back on her history and
she always paid; she may have been a bit slow, but the reality was that I looked at their financial lives and their character
and that meant something. We talked to the financial institution that held the mortgage and took it out of foreclosure for
those people. That is a huge risk because I did not have it on my balance sheet but it was the right thing to do for these
people. I always believed that is one example of the things that SeaComm has done to help its members and I feel that is
our strength. We are able to look at a situation and not make judgments and help people out of their problems that are
sometimes out of their control.
CEOCFO: Do the communities you deal with understand the difference between a credit union and a bank?
Mr. Wilson: I do not think they do and I do not think all of our members understand that. What they do know is that we are
a community partner. We are a significant player in giving significant money in the community to every Little League, Fire
Department and school related functions. SeaComm is a strong community supporter. They know that about us.
Scott Wilson
President & CEO
2. 2
CEOCFO: Do you do much advertising?
Mr. Wilson: We have a specific marketing strategy that is in our business plan. Today, there are all types of media that
you have to use in order to garner new business. Obviously print advertising and radio are traditional, but we are also
focused on social media and realizing that we have to think differently, so we have a specific marketing strategy to attract
millennials and it has been very successful for us.
CEOCFO: How are you dealing with the interest rate situation?
Mr. Wilson: That is a great question because as interest rates stay low they put squeeze on margins. We have a real
understanding of the importance of balance sheet management; it has been vital to our financial success and we have
taken it seriously. In fact, Weiss Ratings is an independent rating industry that ranks insurance companies, banks, thrifts
and credit unions. We have had an A rating for the last number of years, which if you look back we are in the top 6% of
ratings across the country in terms of financial strength. We take into consideration a multitude of factors and we look at
our cost of funds, capital or do we have sufficient retained earnings on an annual basis. We have been able to be very
successful. We have some of the higher rates on deposits in the market place. Our board of directors believed that we
made a philosophical decision to reward our members who maybe have taken their money out of riskier investments and
placed their trust with SeaComm. We wanted to make sure that we could pay them as much as we can while at the same
time being prudent in our asset liability strategy. We took it even further by offering a rewards program to our members
that have been loyal to the credit union. We have taken this thing called a loyalty rewards program and have been able to
offer an additional rate up to another half a point on any of our deposit products for certificates of deposit over thirty-six
months. It has been very successful and our members are very happy. We realize their cost of funds are higher but we
have to balance that between how much money we need to earn. We have had some extremely good years since the
downturn in 2008. Our capital back a number of years ago around 2009 was at 8% and today we are nearly 13%. The
NCUA requires us to have 7% in equity to be well capitalized and we are well above that. We just feel it is prudent that we
return money back to our members in the terms of the higher deposit rates. We still have to lend money at a certain rate
and we have been able to keep our average yield around 6.29%, which is good in our overall portfolio. We offset that with
our investment portfolio and the money we cannot lend out we invest and that has been prudent. We had an average of
2.11% in terms of average investment yield.
CEOCFO: Would you tell us about the program focused on banking for children?
Mr. Wilson: We have a program called a Moola Moola, and it is to get the youth to be savers. We took it a step further a
number of years ago; we put in place what is called “spin the wave” (the wave is our brand). When they get their report
cards they are able to bring those in to the credit union and if they earned an A in any of the four core subjects such as
English, math, social studies or science, they are able to take a spin on this wheel. The wheel prizes can include a five or
ten dollar deposit, you can win some gift cards to Amazon or you could win some candy. The point for this program tied
into our Moola program is to show we want our youth members to save. We want them to understand why they need to be
prudent in life by trying to balance having some money set aside, but also at the same time, we are able to promote
academic excellence by rewarding our young members for having good grades.
CEOCFO: Why are such banking programs important today?
Mr. Wilson: It is about financial education. If we do not educate our young folks about money, we are going to end up
where we were back in 2009. People are spending money they do not have and are not capable of balancing a
checkbook and they do not have any money set aside for a rainy day. We parallel our academic excellence program with
financial literacy in the schools like many credit unions offer and go in and say here is why you need to balance this
checkbook. If you keep a balance to your checkbook and you use a debit card which most of us do today and you
overdraw your account, it costs you more money than what the original purchase was. It is all about making sure that they
have a better understanding of the impacts of not being financially prudent. We want to make sure that we put the name
SeaComm in the front of these young folks and their families because part of that “spin the wave’ program was to draw
new members in including their families; you cannot be a Moola member without an adult member. This partnership is so
we bring in members and then they can say, oh I did not know you did this or oh we can get that from SeaComm.
“It is key for our employees to know how they fit into the organization and how they make a difference. One of the messages
to them is that as CEO I am not the most important person in the organization, but they are. They are the ones who on a daily
basis deal directly with our members. I have to ensure that is made clear to them every day in some way, shape or form
because they are the ones that are making the organization successful. As a CEO, I want them to understand that I am a
servant leader, in service to them.” - Scott Wilson
3. 3
CEOCFO: How big a part is the commercial lending and do you see that as a growing area?
Mr. Wilson: Certainly commercial lending is important. We want to make sure that when a business member has a need
that we are able to fill that for them. The bottom line is that in America today, the small business is the backbone of this
country. It is extremely important in the north country where we are located. On every street corner, there is a small
business and they employ one, two, three or four people. We also know that it is very difficult for those small businesses
to go to a large bank and be of interest to them because if you are borrowing $75 thousand, that is not a lot of money
today and not every financial institution is interested in that. We go back to our core philosophy that is we are here to
make credit available and if they are interested in borrowing money and are qualified and we can work with them then we
should have the expertise on staff to do that. We have made an investment in our commercial lending department to
make sure we are able to do that whether it is $75 thousand or $1 million or $2 million, we want to make sure we are able
to handle those for our membership.
CEOCFO: We came across SeaComm because you were recognized as one of the best places to work in New
York State. How do you provide the atmosphere that your employees enjoy and value?
Mr. Wilson: First, retaining and attracting high performing employees is critical to any business today. We have a
talented, smart and hardworking staff. They take great pride in their work and they take great care of our members. We
have high expectations and we are committed to making sure our standard stays there and we live our mission of people
helping people. It starts at the top and that is my job. I am focused on staff and from the day an employee is hired here,
they receive a welcome letter from me as CEO. They are aware from that communication of the direction of the credit
union. They know at that time they are going to be an integral part of our overall success. When they come onboard, I
hold what I call a CEO breakfast with all new staff and I talk about how they fit into the organization. I talk about our
culture and our strategic direction and how they are valuable to the overall success of the organization and how they fit in.
Whether you are a teller, a financial service representative or a commercial lender, everyone has an important part of the
overall success of the organization. Communication is the key; I am a chief communicator and I have to make sure they
are onboard and understand what is going on. I have a CEO page on the intranet. I am able to post what our goals are
and anything that is new coming up. I have quarterly meetings with our staff in person and I talk about where we are and
where we are going. They are able to ask questions. It is key for our employees to know how they fit into the organization
and how they make a difference. One of the messages to them is that as CEO I am not the most important person in the
organization, but they are. They are the ones who on a daily basis deal directly with our members. I have to ensure that is
made clear to them every day in some way, shape or form because they are the ones that are making the organization
successful. As a CEO, I want them to understand that I am a servant leader, in service to them.
CEOCFO: Why choose SeaComm Federal Credit Union?
Mr. Wilson: Service excellence is the number one priority for our staff. We offer the same thing as any other financial
institution. We offer checking accounts and money markets and certificates of deposit. What we want to do is exceed any
expectation of the service level for a member. We obsess over it and ensure that our members are being surveyed, so if
you come in and do a transaction with us, you may get a survey and it is directly from me. They are able to choose a
number of points such as was it service friendly, timely or accurate. We rate that and each employee gets incented on
how well they do. Just this past week we had a luncheon for the top five members of our staff who exceeded member
satisfaction. I call it the Presidents Excellence for Service Award. If you go into a business and people are not friendly and
they do not smile and you have something they offer, that is well and good and if someone next door has the same thing
and they are friendly and they are doing everything to be attentive, then you are going to go there to get those products
and services. We understand that and we want to make sure we exceed that. Our core philosophy is we are here for
service and we have to make sure we are doing that everyday. We have to be relevant because we have a significant
market share here nearly 29% but in order for members or prospective members to want to continue to come here we
have to grow and expand our footprint. We have to continue to deliver what the future demands and always be looking to
the future and creating any new products and services they may need because they are always changing. At the end of
the day it always comes down to we are going to do the right thing for our members. We do not put the wrong products or
services in their hand; we do not push those things. We only do what is best for our members and we practice that every
day.
Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine
4. 4
Seacomm Federal Credit Union
For more information visit:
Assets: $487 million
www.seacomm.org
Contact:
Scott A. Wilson
315-764-0566, ext. 246
swilson@seacomm.org