Transforming Dover Federal Credit Union: A Journey of Success and Partnership
CEO of Dover Federal Credit Union, discusses the credit union’s journey of transformation and the ongoing success they have experienced since working with TSG. The conversation reflects on the challenges faced by the credit union when they initially partnered with TSG.
During that time, Dover Federal Credit Union was struggling in various aspects. There were issues with board relationships, executive team dynamics, financial losses, outdated technology, infrastructure problems, low morale, regulatory concerns, and physical branch issues. Chaz became the CEO in 2016 and sought support to improve the credit union’s situation.
The partnership with TSG went beyond a typical consulting engagement. Chaz highlights that they needed someone who could fully immerse themselves in understanding the credit union, its community, and its specific needs. TSG’s approach involved becoming an integral part of the executive team rather than just a consultant. This personal involvement and understanding were crucial to address the credit union’s complex challenges.
Since 2017, Dover Federal Credit Union has experienced significant positive impacts under Chaz’s leadership. Financially, they have achieved record-breaking years with strong loan growth, low delinquency rates, and higher margins compared to their peers. Culturally, they have invested in creating a positive work environment, recognizing the importance of their teams as the organization’s most valuable asset. The credit union now has a diverse senior leadership team, fostering diversity of thought and bringing in different perspectives for better decision-making. Additionally, the credit union has actively engaged with the community, changing their reputation and making a positive impact through community involvement and participation.