Toughest Call Making the decision to position the credit union differently in the community wasn’t without growing pains. “The most difficult decision we ever faced was to change from Motorola Employees Credit Union West to TruWest, from single-sponsor to a community-based credit union,” Dan remarks. “Initially, we could only offer membership to Motorola employees and family members. However, when Motorola Government Electronics became General Dynamics, we were allowed to continue serving those members,” he explains. “Later, as Motorola Semiconductor Products transitioned over to ON Semiconductor, Motorola pushed back and wanted us to serve only their employees and family members.” “That was a choice that wasn’t a choice,” Dan admits. “We had already opened our very first community branch at Dobson and Elliot. We realized that we were convenient as could be for employees but inconvenient for the family members, so something had to change . . . in this case, our name.” Looking Ahead As leadership transitions to incoming President, Alan Althouse, who has been with TruWest as its Chief Financial Officer for 11 years, Dan smiles confidently. He knows he is leaving the credit union in good hands. “The senior management team is a group of highly capable, knowledgeable and driven individuals who know the business backward and forward. They have a great camaraderie and a shared vision for TruWest.” When asked what he sees coming up next: “I anticipate seeing continued consolidation, particularly of corporate credit unions,” Dan predicts. Corporate credit unions were put in place as a “credit union’s credit union,” where the members are credit unions themselves. They provide a place to invest, as well as a means for clearing Visa charges, debit card payments and checks. “They are important, as they ensure we don’t have to link up with a bank,” Dan says. In addition, Dan knows that financial pressure has led some big credit unions to place their financial problems on the backs of their members through fee increases. “At TruWest, we have always upheld the philosophy of low fees and high deposit rates . . . that’s the TruDifference.” “I hope we never get to the point that we are concerned more about the bottom line than we are about the members,” Dan pontificates. “I hope the Board and Leadership never give up on their commitment to the credit union philosophy of people helping people and members first.” What’s Next for Dan? On a personal note, Dan plans to travel abroad with his wife after retiring from TruWest in January. He intends to work on his golf game, tackle his “honey-do list,” visit his grandchildren and take it easy. “I’ve been here almost 35 years; it’s time to let someone else have a swing at bat,” he says playfully. “But honestly, I leave TruWest in good hands. The credit union is going to do great, and members have every reason to be confident in TruWest.” In the next issue of On the Money, get to know incoming President, Alan Althouse, and his vision for the future of TruWest. 7
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