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  • Everything’s Big in Texas (Especially the Hispanic Market)

    Posted by on March 27, 2012

    Hispanics continue to be an important group for many of America’s states. Thanks to the newly published 2011 Hispanic Opportunity Report, commissioned by the Texas Credit Union League (TCUL), we understand even more about this population in the state of Texas.

    A long-time partner of the TCUL and supporter of the Juntos Avanzamos designation, Coopera was commissioned to write the report to help Texas credit unions better understand data revealed by the 2010 Census.

    Here are a few of the report’s highlights:

    Two-thirds of the state’s growth over the past decade came from Hispanics.

    Hispanic Texans are five times more likely to be unbanked than are the state’s whites.

    Hispanics will comprise 53% of the state’s population by 2040, and whites will make up just 32%.

    If credit unions attain 10% penetration of the state’s Hispanic adults, it would mean an estimated $326 million in total income and $3.5 billion in loans.

    Of the nearly 1 million children added to the Texas population in the last decade, 95% of them were Hispanic.

    In Texas, one in five dollars of purchasing power is in Hispanic hands.

    We are pleased that TCUL has been so proactive in providing this report to its members. Texas is the first state to request specific information about credit unions’ Hispanic opportunity since the 2010 Census was finalized. Coopera believes the information in the report will motivate Texas credit unions to pursue this market more intentionally.

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    Are Hispanics Really ‘Emerging?’

    Posted by on March 20, 2012

    The 2010 U.S. Census revealed that one in six U.S. residents is Hispanic, and among children, it’s one in four. By 2050, analysts predict that statistic will soar to one in three.

    When you look at the numbers, it’s easy to see why the term “emerging,” which has been used to describe the U.S. Hispanic community, isn’t really all that fitting today. For that reason, it’s no longer appropriate to think of the Hispanic consumer as someone your credit union may need to court in the future. Rather, you need to understand how to market to this type of consumer today.

    In cooperation with CUNA, Coopera regularly surveys credit unions of varying sizes. This research has shown that a much higher concentration of credit unions have focused on serving the Hispanic market in recent years. Between 2008 and 2009, we found that the number of credit unions either executing or planning Hispanic-market programs more than tripled.

    Undoubtedly you have witnessed the growth of the Hispanic market in either yours or a neighboring community. While getting ahead of the curve may no longer be possible, there is still a tremendous opportunity to tap into the power of this population now. We advise you not to wait another year.

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    Greater Iowa Names Scholarship Program for Warren Morrow

    Posted by on March 13, 2012

    By Guest Blogger Michael Adams, Vice President of Marketing and Public Relations at Greater Iowa Credit Union

    Like everyone else who either worked with or knew Warren Morrow personally, we at Greater Iowa Credit Union were shocked and saddened to learn of his passing. The credit union industry and the Latino community lost an incredible leader, humanitarian and friend.

    As early clients of Coopera, and we worked closely with Warren and Miriam De Dios to structure and fund a Latino initiative that included policy changes, new membership procedures, educational programming, raising cultural awareness of the staff and launching products and services specifically designed to appeal to first- and second-generation Latino families and individuals. As part of that program, Greater Iowa identified funding that would be given each year to a deserving Latino high school student who was interested in going to college.

    With a vote of support from the credit union’s Corporate Giving Committee and endorsement from the board of directors, this program has been increased to three $500 scholarships that will be known in the future as the Warren Morrow Latino Educational Scholarship.

    Each year, we at Greater Iowa work with the Latino Liaison staff with the Des Moines Public Schools and the superintendent of the Crawford County Schools in Denison to identify students worthy of the honor. The winning students are invited to join us at the annual Latino Heritage Festival in Des Moines to receive a check. It’s one of the most rewarding things we do each year.

    By naming this scholarship after Warren, we wanted to honor his vision and legacy. In our modest way, we will be able to share Warren’s story with future generations of students whose stories, in many ways, will resemble his—of young people who came to this country as children with a hunger for education and a compelling need to do good work.

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    Getting Started

    Posted by on March 6, 2012

    By Guest Blogger Alejandro Alaniz, Account Relationship Specialist at Des Moines Metro Credit Union

    I was hired at Des Moines Metro Credit Union (DMMCU) in February 2008 to lead DMMCU’s Latino outreach efforts for the credit union. I was very excited for the opportunity and to get going on the effort. The only problem was that I was a little scared and lost because I was the one who would be starting the main initiative for the push!

    I am the first person here at DMMCU to be hired for this position, and there had been no previous precedent to look to. It was just me and Traci Stiles, DMMCU’s marketing director, to go out and show the local Latino community what a credit union is and why DMMCU is different from other financial institutions. The task seem large, but yet a fun one at that!

    Before I joined DMMCU, they had done a great job of having Coopera’s Warren Morrow come in and talk to our board of directors about why it would be a huge benefit for DMMCU to start marketing to the local Latino community.

    With his help and DMMCU’s management team, the board decided that it was indeed a good idea and jumped aboard. With the go ahead, Traci started a small and targeted marketing effort with Spanish materials to be handed out and also delivered to our SEGs.

    Another important step DMMCU took was having a strategic planning session that included Coopera, the board of directors and our the management team . The planning session came up with a timeline and action plans to be accomplished by specified time frames in order to better gauge accomplishments. One important task was to hire a full-time bilingual employee to be the head of the effort.

    That’s where I came in. I was excited by the fact that “I” would be the one starting a new outreach effort for DMMCU! My biggest hurdle to overcome was “Where do I begin?”

    I had so many thoughts going trough my head, thinking of what options we had available.  Do we send a mailing? Have an open house? Do T.V. commercials? Radio ads? Do we hire a banner plane? Ok maybe not the banner plane, but I didn’t know where to start.

    Luckily Traci had some smart and simple ideas to get started. Stay tuned to this blog, as I’ll get into those smart, simple ideas next time!

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