The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Staying relevant

On November 6th, 2017, posted in: Industry, Uncategorized by

Road sign that reads "One Way" with ArrowSears is irrelevant.  How did that happen?  Cable TV too.  Just this past week, the icon Procter & Gamble is dealing with irrelevancy due to younger shoppers not having the brand loyalty of older demographics.  Wal-Mart is throwing every idea they can at making their online channel more effective.  I can cite fifty more instances where companies did not move with the market and the results were disastrous.  How many strip malls are for sale?  There is only one way that a strip mall became vacant enough to be for sale.  Something changed.  Same for the tenants.  They failed for some reason.  Irrelevancy is the overarching word used most.  (more…)

More Service, Less Space

On October 30th, 2017, posted in: Industry, Uncategorized by

Time lapse image of American mall at Christmas time

Have you been paying attention to what’s happening in the retail market? Stores are getting smaller. I’m not talking about the mom and pop stores – they’ve always been small. I’m talking about retailers whose giant stores are equal to their giant brands. Suddenly, like “poof,” you have Walmart, Target, Build-A-Bear and others moving to something on a much lesser scale. I went into a Walmart recently where I could see both the east and west outer wall upon stepping inside the double doors. What? That’s quite a change given that I’ve been in Walmart’s so big that women’s shoes are in a different time zone than barbeque pits. (more…)

People Over Profits

On October 11th, 2017, posted in: Industry, Uncategorized by

diverse employees holding hands in centerPeople as a commodity in the work place?  Commodity is a product that can be thought of as fungible.  Gas is a commodity, so is coffee, milk, fruit—you get the idea.  I didn’t have to turn to my Webster’s II New Riverside Desk Dictionary copyright 1988, minus the cover and containing a few rips, bumps and bruises to know that.  Fungible is defined as something that is easily interchangeable.  I didn’t have to look up that fancy word either.  Put it all together and you get that “people are interchangeable” in the workplace.  Not always. (more…)

Just the Facts

On September 25th, 2017, posted in: Industry, Uncategorized by

chalkboard with facts vs myths written on topHere we go again.  Hater’s hate.  UGH!  How is it that lack of information and/or misinformation allows for a determination of one’s feelings in the negative to seemingly escalate to a fever pitch of hatred overnight?  If you are inflicted by such a malady, please seek to change.  Counseling may be the answer.

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Time to Refocus

On July 3rd, 2017, posted in: Industry, Uncategorized by

locked hornsWho you’ve been mad at over the years seems to be misguided. That’s the message I would convey to those in the local banking community. For years (as many as I can remember), the bank lobby has stood up to, lobbied against, written droves of letters, and generally solicited the support of legislators and the general public against credit unions. After all, credit unions and their exemption to paying federal taxes are killing them. (more…)

Attitude is Everything

On June 19th, 2017, posted in: Industry, Uncategorized by

“Woe is me.” A popular phrase uttered by way too many. “Suck it up Buttercup.” A popular phrase often used to remind those stating the former, “Woe is me” statement. Failure is easy to accept.  Fighting back is hard.  I lean toward fighting back.  (more…)

Debit Card Regulations and the “Poor Tax”

On June 5th, 2017, posted in: Industry, Uncategorized by

hand inserting debit cardYears ago, I ended up in a debate that progressed to a heated discussion, then to a war of words to a good old-fashioned “throw-down.” This other guy and I were not going to find a common bond. It happens that mediation sometimes can’t be reached. That was the case here, but to our credit, never did we call names. It was civil but heated. (more…)

We Stand in the Gap

On May 1st, 2017, posted in: Community, Industry, Uncategorized by

man standing in darkened roomIt is all about giveback. That’s what CDFIs do. In a metropolitan area rife with the trials and tribulations of everyday living, isn’t it good to know that somebody has your back? (more…)

Invest in the Community

On April 24th, 2017, posted in: Community, Industry, Uncategorized by

classic cars in black & whiteHow’d you enjoy last week’s comments? Well, here is question #2. Remember, I had the privilege to sit on a panel to discuss what our communities need to be successful. On behalf of SLCCU, I was able to share the story of what a Community Development Financial Institution (CDFI) does in the market.  (more…)

Access Is Important

On April 17th, 2017, posted in: Community, Industry, Uncategorized by

sunset on city streetOn Wednesday of last week, I was asked to speak on a panel to discuss “What Makes Communities Great.” Our business partner Grace Hill asked me to be a part of their Solutions Breakfast and it was truly my honor. Grace Hill is such a positive force in our North St. Louis community as they provide hope for so many. We are honored to work with them.    (more…)