VOL. 126 | NO. 207 | Monday, October 24, 2011
By Andy Meek
Updated 1:46PMThe vision of Craig Esrael, president and CEO of Bartlett-based First South Financial Credit Union, is for First South eventually to have a physical presence within a 15-minute drive of everyone in its market area.
That partly explains First South?s recent acquisition of Dyersburg Credit Union, which The Daily News reported earlier this month and which now means there are 15 full-service First South banking centers in the local area.
The growth desired by First South, which will have more than $400 million in assets post-acquisition, is not just about making deals, though. It?s about making the right deals.
Esrael said his institution has also recently said no to several potential deal partners.
?We?ve been approached by a number of institutions recently,? he said. ?And we?ve turned them away. We?ll never make an acquisition we don?t think is in the best interest of our current membership base.?
That base now includes more than 50,000 members served by First South, which touts achievements such as 69 straight quarters of perfect 5-star ratings from Bauer Financial.
Consistent convenience and quality service is top of mind for Esrael, who said drive time is not the only thing that factors into the convenience equation.
To get an idea of how his credit union is thinking about and approaching its growth: Esrael said hours are part of the convenience strategy, too, which is why First South stays open a little later than many banking institutions do and also has extended hours on Saturday, he said.
Rounding out the credit union?s approach to convenience is its leading-edge technology. To serve customers who might prefer banking from home, First South is preparing to roll out a mobile banking product in a matter of weeks.
?I think it?s the best in the marketplace, and it will be available soon,? Esrael said.
First South?s CEO said all the regulatory steps involved in merging the First South and Dyersburg credit unions have been completed. Most of the remaining work involves converting loans, credit and debit cards, and accounts from the Dyersburg institution?s core systems to First South?s.
No employee of either institution was displaced as a result of the acquisition.
In a statement about the merger, a Dyersburg Credit Union board member said officials there regarded First South as one of the most stable credit unions in the nation and, as such, that it would be able to help build a brighter financial future for the members of the Dyersburg institution.
Both credit unions will operate independently until their information systems can be combined.
Areas in which First South now operates include the counties of Shelby, Tipton, Fayette, Madison and Dyer in Tennessee, and Tunica, Tate, Marshall and DeSoto in Mississippi.
?We?re definitely looking at other markets we need to be in,? Esrael said. ?Our philosophy is conservative, consistent growth. It?s an incremental process. It?s a marathoner?s strategy, not a sprinter?s strategy.?
Source: http://www.memphisdailynews.com/news/2011/oct/24/first-south-growth-part-of-strategic-plan/
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