Liberty County Teachers FCU makes impact with Foundation grant

Liberty County Teachers Federal Credit Union recently obtained a development grant from the Cornerstone Foundation to offer new digital banking services that would enable the credit union to serve virtually and remotely.

The Cornerstone Foundation awards development grants to assist credit unions in ways that range from professional development and strategic planning to CDFI certification assistance. This year, the Foundation has made more than 100 development grants.

In her request for the grant, Liberty County Teachers FCU President/CEO Cathy Thibodeaux noted that small credit unions "have suffered a decline in membership since the onset of COVID-19, due in part to members moving to digital platforms versus coming into the physical branch to do business.”

That makes it hard for a small credit union with limited funds to keep up with the newest and greatest in technology and products. The ability to remain relevant by offering exceptional member service and sticking with the movement's core values just doesn't seem to be enough anymore, she said.

Thibodeaux, whose credit union has assets of approximately $22 million, expressed a desire to upgrade and expand the credit union’s digital banking platform to offer products that could grow membership, such as digital account opening, remote deposit capture, and person-to-person transfers. The development grant would help cover the expense of the digital bundle offered by her core processor.

“Our hope is that by offering an enhanced digital package to our members and potential members, we will be able to grow our membership by enticing younger members and retain their accounts by offering products that are sought after by the younger generation,” Thibodeaux said.

Liberty County Teachers FCU joined with its core processor, VisiFI, to create a digital bundle that would make the credit union much more competitive with larger credit unions and fintech companies such as Chime, Zelle, and Paypal.

“With an enhanced upgraded mobile app, remote deposit capture, person-to-person pay, online digital account opening, and an online digital lending platform, I believe our credit union would see tremendous growth and stay relevant for years to come,” Thibodeaux said.

“Small credit unions depend on the support of foundations such as [the Foundation] to be able to keep up with larger institutions and stay relevant,” Thibodeaux said in her impact statement to the Foundation. “Thank you for having faith in our small credit union to do big things that would not otherwise be possible.”