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PLYMOUTH, Minn.-After instituting a new sales and service culture in January and tying it to an employee-incentive program, TruStone Financial FCU here has seen a 56% year-to-date increase in its membership numbers-and that was prior to all the hubbub around Bank Transfer Day.
As a result, TruStone is being recognized as a Credit Union Journal "Best Practice" winner in the Incentive Programs category.
Jim Stahlmann, COO at the $678-million, 58,000-member CU, explained that while the credit union began life as Teacher FCU, in 2009 it rebranded itself as TruStone as a way to expand beyond its teacher/teachers' union member base.
"But we discovered once we did change the name that we didn't find the growth we were looking for, and last year, in 2010, we shrunk in membership."
Stahlmann and CEO Tim Bosiacki were brought on in 2010 to help turn...