In 2008, the U.S. economy crumbled, as financial institutions throughout the nation plummeted into a chasm filled with the corporate corpses. AltaOne Federal Credit Union is not one of those unfortunate failures. Far from it. Over the past several years, AltaOne has learned some valuable lessons about how to adjust, re-tool and re-focus in order to not only survive -- but also thrive -- no matter what the circumstances.
Here are some lessons that have helped AltaOne through this difficult time. AltaOne members may want to utilize these same values:
- When money is tight, tighten your belt -- immediately. The longer you put off the inevitable, the longer it will take you to recover. AltaOne made some extremely difficult decisions during the recent fiscal crisis. We temporarily closed our Bakersfield Riverwalk member service center. We cut back on staff. We put off expansion plans. It was necessary. Consumers simply did not invest in real estate, automobiles, new businesses ... or anything. The impact on the financial community was severe, to say the least. It is no use being shortsighted when facing a financial crisis.
- Remain positive. Economic downturns are always temporary. Stay the course and remain positive. As soon as AltaOne senior management implemented the credit union's belt-tightening measures, we set our sights on the future. There was never any doubt that soon we would be able to re-open Riverwalk and get back to our growth plans.
- Stay conservative and prudent. The AltaOne brain trust learned quickly what lessons to derive from the economic disaster. The credit union set out on a prudent-yet-careful course designed to attract new members and grow our loans. We are diligent to avoid potential pitfalls that could negatively affect our member-owners.
- Look for the silver linings. As AltaOne's bottom line strengthened, we began to search for the smart opportunities. We have pinpointed specific markets and demographic groups with significant growth potential. AltaOne's marketing focus is on expansion in those areas. We are also working to enhance our marketplace status in our more seasoned markets.
The future is extremely bright for AltaOne and its member-owners. Any person or organization facing financial difficulties should apply the lessons learned by AltaOne over the course of the past few years.
