The P.A.

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

SLCCU Sure Knows Its Place

On September 27th, 2010, posted in: Uncategorized by

“Everything has its place and everything belongs in its place.”  You’ve heard that before.  It is usually first heard coming from your mom, and then repeated numerous times over the years.  The idea, of course, was for mom to get you to put things that belonged in certain places to actually end up in that place.  It’s never that easy – because I’m a man.  And missing the gene that insures order, I had little chance to comply with my mom’s requests of years ago and my wife’s requests today.  Somehow, some way, my socks get separated and end up found at opposite ends of the house.  There is also strong evidence that my last known place in the house will be marked by some sort of disarray.

That being said, my mom would be proud of how St. Louis Community Credit Union has its place and belongs in its place.  We are in the city and the near city areas.  We have what we call an “urban footprint.”  If you’re looking for us west of I-270 or (for that matter) the Kansas City side of I-170, you have drifted much too far from the place we belong.

How come you don’t have an office in Jefferson County?  What about St. Charles?  Why no office in Chesterfield?  I get those questions every once in awhile.  Well, they’re nice places to visit, but SLCCU just doesn’t belong.  There are lots of credit unions and banks littered about the suburbs of our metropolitan areas.  Folks have plenty of options.  It could be argued that there are too many options.  In other words, competition is brutal.  Because we love our members who live in those parts, we do have shared branch facilities available.  But, to go into those communities and build branches with the hope to substantively grow market share is probably not realistic.

So, I guess it can be said that we “know our place.”  That’s what great businesses do.  They know their place.  As an example, you go to the Dollar Store or Dollar General when you want to spend a dollar.  There are no preconceived notions – they are about selling you stuff that costs a dollar.  If you want something more expensive, go to Nordstroms.  Successful companies have their place and stay there.

Business 101 discusses the need to know your market and to not be all things to all people.  Aren’t you glad that Ted Drewes doesn’t have reduced calorie, low-fat custard?  If you’re on a diet or are over-the-top health conscious, eat some tree bark, but don’t go to Ted Drewes.  K-SHE radio is rock & roll.  If you want the Carpenters or Captain & Tennille, you’ll have to move the dial elsewhere.

St. Louis Community Credit Union knows its place.  We are all about providing financial services and value to the residents of our urban and near-urban neighborhoods.  Other places have their market(s), but we’ll stay true to those that have stayed true to us.  How does the ol’ saying go…“dance with the girl you brung?”  That’s less than proper English and all you need to know about being smart at business.  Everything’s got a place and we are smack-dab in the middle of ours.  And that’s where we are going to stay.

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