Stefanie Rupert, CEO of the growing Collins Community Credit Union in Cedar Rapids, is shown at the credit union’s headquarters at 1150 42nd St. NE, Cedar Rapids. PHOTO DAVE DEWITTE
By Dave DeWitte
dave@corridorbusiness.com
Change is accelerating at Collins Community Credit Union, as one of the Corridor’s largest and oldest credit unions broadens its reach.
Pushing that change is CEO Stefanie Rupert, who previously served as chief operating officer of the 77,000-member credit union for five years as part of longtime CEO Richard Benhart’s transition plan.
Mr. Benhart retired last year after more than 30 years with CCCU, and 15 years leading the credit union. Since assuming the institution’s leadership in April 2016, Ms. Rupert has been pushing projects ranging from a new technology platform, set to be implemented next year, to expansion in the fast-growing Des Moines metro.
She has also advanced programs revolving around employee wellness and workplace diversity.
Many of Ms. Rupert’s projects have one theme in common: Positioning the credit union for future growth with a broader appeal and more services to offer. Ms. Rupert said the average CCCU member is now 46 years of age, but she wants the credit union to better connect with millennial consumers through things like mobile banking and front-line staff who can relate to their needs.
About 57 percent of CCCU’s staff are millennials, Ms. Rupert noted. At the age of 50, she is working to bridge the generational divide with new ideas like a “crashers” program which invites newer staffers into senior-level events and meetings to expose them to some of the company’s decision-making processes.
Employee wellness is another issue close to Ms. Rupert. She believes investing in employee wellness pays dividends, not only in reducing absenteeism and health insurance claims for the credit union’s 299 employees, but by better engaging members through employees who are mentally and physically up to the task.
“We want our employees to act like CEOs,” Ms. Rupert said, explaining that she’d rather have staff empowered to resolve customer service issues on the spot than have them linger or advance to higher levels.
Having said that, Ms. Rupert said she personally keeps an open line to all customer complaints. After handling one shortly after 7 a.m. on a recent morning, she said she agreed to get back to the member within a few days about his proposal that the credit union offer a new service.
CCCU is now the state’s fourth-largest credit union, and the largest credit union headquartered in Cedar Rapids, where it was originally chartered to serve the credit needs of employees of Collins Radio (now Rockwell Collins). In 1998, the credit union converted to a community charter, allowing anyone living or working in the counties it serves to be a member. It now has members in 38 counties, including all of the state’s major metro areas.
The only larger credit unions in the state are University of Iowa Community Credit Union, Veridian and Dupaco.
CCCU moved into the Des Moines market in 2014 when it merged with the Federal Employees Credit Union. CCCU was the larger partner in the merger, with $773.7 million in assets to FECU’s $19.1 million.
That deal proved to be a springboard for the credit union. In 2016, CCCU opened three branches in Price Chopper supermarkets in order to expand its reach and access to new members, Ms. Rupert said. The FECU merger also brought a branch in Iowa City, located within the VA Medical Center, and at the Federal Building in Des Moines.
In February of this year, CCCU opened a new full-service branch at 6620 Mills Civic Parkway in West Des Moines in the Jordan Creek Town Center area.
By the end of 2016, assets had reached $1.082 billion and are continuing to grow. Ms. Rupert said the credit union’s areas of strength include automotive, mortgage and commercial lending. Besides direct auto lending to consumers. Ms. Rupert said the credit union is one of the state’s largest financing providers on behalf of Iowa auto dealers.
Ms. Rupert brought her own leadership team with her when she was elevated to CEO, which came at a time when several senior leaders were reaching retirement. That has made for a smoother transition, and more willingness to risk trying new things.
“I expect a lot, but I’m equally demanding on myself,” Ms. Rupert said. The pace of change “probably makes some people uncomfortable,” she said – a natural reaction she fights by striving for a fun and upbeat atmosphere.
Along with her expectations, Ms. Rupert said she’s trying to instill a willingness to risk failure, with the understanding that when an organization tries enough new things, some of them won’t work out.
“If we don’t [risk failure], we will get in too late and miss out on many of the best opportunities,” she said, adding that the credit union will become adept at quickly correcting course when a new approach isn’t working out.
That change wouldn’t be possible, Ms. Rupert said, without the strong support of the CCCU board of directors, which already had her working on organizational change initiatives before she became CEO. Next year will bring some of the company’s biggest changes with a major investment in the new technology platform. She said it’s a very large expense that won’t provide an immediate payback, “but I’m willing to spend the money.”
“It will allow us to work more efficiently,” Ms. Rupert said, “and that will enable us to spend more time with our members, meeting their needs.”
