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Local Catholic credit union makes top 25 list
By Julie Filby
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Photo by Julie Filby/DCR |
Colorado’s largest Catholic credit union was recently included among top credit unions in the Denver-Boulder metro area, as ranked by the Denver Business Journal.
In the newsweekly’s Sept. 30 issue, Northwest United Federal Credit Union entered the top 25 ranking of Denver-Area Credit Unions in terms of total assets, for the first time, at number 25.
“That tells our membership and the Catholic community that we’re not just a fly-by-night credit union—we’re nearly $70 million in assets,” said Justin Dickson, president. “We’re big enough that we can provide the services (people want) and small enough that we’re still personal.”
Northwest United serves some 5,800 members; maintaining assets of $68 million. Twenty-three employees serve clients at three branches: the main location 6320 Olde Wadsworth Blvd. in Arvada and branches at Holy Cross Church at 9373 Wigham St. in Thornton and Immaculate Heart of Mary at 11385 Grant Drive in Northglenn.
“Our business model will provide individual services, but it will also provide for technologically advanced services, such as online banking,” Dickson said.
Northwest United’s business model includes plans to open branches in more parishes in coming months and years.
They currently serve nine parishes in the Denver Archdiocese: Holy Cross, Immaculate Heart of Mary, Holy Trinity in Westminster, Nativity of Our Lord in Broomfield, St. Mark in Westminster, Sts. Peter and Paul in Wheat Ridge; and St. Joan of Arc, Shrine of St. Anne and Spirit of Christ, all in Arvada.
While growth is important, maintaining personal service and building relationships are the institution’s priorities.
“We create individual relationships with clients,” he said, “while we also have the resources behind us to support all of the laws and regulations that some other small institutions are having trouble with right now.”
In a time of financial institutions’ closings and bail-outs, Northwest United has continued to grow and thrive.
“We have succeeded during this tough financial climate because we have focused on and fostered the Catholic community and its needs,” explained Laurie Nieb, marketing and business development director. “We’re there for the big moments: the wedding loans, the college help, the roof fell off the house, the basement just flooded…”
She said it’s that type of service that fosters long-term relationships that can span generations.
“Since we opened in 1954 we have generations of members,” said Nieb, a member herself for 38 years. “We have great-grandmothers (as clients), down to little squirts that just got their Social Security numbers; we just have that faithfulness going from generation to generation.”
Six of the nine member parishes maintain their operating accounts with Northwest United, including Holy Cross.
“The credit union tries to really partner with the parish and work with us,” said pastor Father Thomas Coyte. “In everything from tithing a certain percentage back to the parish … to helping the parish when we have a function here.”
In addition to tithing back to member parishes, Northwest United supports parish and school festivals and fundraisers—as well as operates a foundation that awards scholarships for Catholic high school tuition. In the last five years, they have awarded more than $32,000 in scholarships to Catholic school eighth-graders.
“It’s a much more personal way of banking,” said Father Coyte, describing the institution’s service and convenience. “I believe they are very well-run. … And I have great confidence in them.”
There are three other Catholic credit unions in the state of Colorado: St. Michael Federal Credit Union at 678 School St. in Craig (Archdiocese of Denver); Guadalupe Parish Credit Union at 217 W. Third Ave. in Antonito (Diocese of Pueblo); and St. Mary Credit Union at 809 Main St. in Walsenburg (Diocese of Colorado Springs).
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