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At the helm of PriorityONE CU of Florida, Nancy Rappaport, CCE, built an effective turnaround and growth-going-forward culture. Here's how.
In just under a decade, CUES member Nancy Rappaport, CCE, has made sweeping changes in nearly every area of her CU. The best practices she put in place have resulted in a strong sales culture, empowered staff, reduced turnover, and improved financial standing. They also have positioned the CU for future growth.
Rappaport, president/CEO of $82 million/10,250-member PriorityONE Credit Union of Florida (www.priorityonefl.org), Sunrise, wasn't sure what to expect her first day of work nine years ago. She didn't expect, for example, to try to help a member find an ATM in the CU's parking lot, only to find said ATM across the street, at the bank. Having held previous leadership roles, including four years as VP/marketing and nine years as senior vice president in charge of the CUSO for $577 million Tropical Financial Credit Union (www.tropicalfcu.org), Miramar, Fla., Rappaport did know much bigger challenges lay ahead.
With $82 million in assets, three branches and 50 FTEs when Rappaport started in 2006, PriorityONE CU had been experiencing moderate growth and earnings. It offered a modest range of services, including savings, checking, and loans. It had also recently introduced online banking. The CU's capital position was strong at 13 percent, but the CU lacked a culture of trust, and its loan portfolio relied heavily on indirect auto loans. Rappaport took one thing and one day at a time. "The first real step was to build trust with our team, and it was perhaps one of the most challenging," says Rappaport.
Building a New Culture
During Rappaport's tenure, empowerment of staff has been central to success. "Only when we established trust could we build on strategies and processes, goal setting, and better efficiencies," explains Rappaport.
Executive Vice President Deana Hennessey says that CEO support trickles down to all staff, with transparency and open communication. "All of us at PriorityONE embrace this," says the CUES member. "Communication comes naturally from the top." The CU shares information through team meetings, one-on-one coaching sessions, and from Rappaport herself.
A hallmark of success in building trust is welcoming staff feedback. "Employee opinions count," says Human Resources and Compliance Officer...