The P.A.

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

Our Pixie Dust

On April 7th, 2014, posted in: Uncategorized by

 Our Pixie Dust

During a recent meeting with an esteemed colleague (who has received deserved notoriety for his work in the social/human services world), he shared a phrase that I haven’t heard in years – “pixie dust.”

His use of “pixie dust” was in the context of asking me the question: “What makes St. Louis Community Credit Union successful?” This is something I should know without much thought, and I surely did. I responded without hesitation.

When the sum of the parts come together, the whole is so much greater. We love our members and take our mission very seriously: “We exist ONLY to increase our members’ standard of living and better their lifestyle.” That’s it. That simple 14-word phrase serves as the driver to our “pixie dust.”

Wait a second (some may ask), “What about profit?” Profit comes after people – even in the dictionary. Because we take care of our members… they take care of us. What does “take care” mean? That is our “pixie dust.” Here it is:

  1. Convenience/Access: Our offices are located in “financial service deserts,” where most of the population have to go to payday lending and check cashing outlets to meet their basic financial needs. We branch in areas with access to mass transportation and partner with trusted social and human service providers to meet the community where they are, as well as gain their trust.
  1. Risk-Tolerance: We don’t judge, we help. Our members value the relationship that we maintain with them because, despite less-than-perfect credit or a troubled account history, we accept them and provide solutions to address their financial problems.
  1. Product Development: SLCCU provides access to a financially disenfranchised portion of the population by overlooking traditional credit and ChexSystems barriers by offering “second chance” checking accounts, alternatives to payday loans, credit builder products and more. Our product suite has created pathways to economic stability for individuals who have traditionally operated outside of the mainstream banking system.
  1. Pricing: One of the most important aspects of providing financial services to low-income populations is affordable pricing on loans, deposits, transactions and service fees. For the past two years, the Credit Union National Association has recognized SLCCU as a national leader among credit unions for our “giveback” to members within the St. Louis market.
  1. Service: Our members are accepted and understood by SLCCU staff because we understand the variety of situations from which they come. We work diligently to know our members by name and treat each individual with the respect that they deserve from their financial institution.

Sprinkle the “pixie dust.” We are honored and privileged to serve our community.

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