Credit union's motivation revealed during CEO interview

Credit unions exist to serve the financial needs of their members--there is no investor profit motive, no CEO stock options, and no sellout for big investor gains. It's all about member demands for products and services.

This point is reinforced in an Oct. 7 newspaper interview with a long-time Midwestern credit union CEO. The Dubuque, Iowa Telegraph Herald Executive Editor Brian Cooper asks Dupaco Credit Union CEO Bob Hoefer about the credit union's successful strategy:

TH: What's the next big thing coming?

BH: Brian, I have to tell you, whatever the members want is what we're going to try to do. I have no magic wand.

Share draft checking accounts. ATM cards. Home loans. Small business loans. Trust services. All guided by the members' desire.

It's a long interview, which you can read in its entirety here.