From time to time, we will invite guest bloggers to write about topics of interest. This series, Working Together, will feature posts from other organizations within the "family of companies." This post was written by Sean Wells, IAA Credit Union chief executive officer.
You’re us and we’re you… No wonder we think alike!
I recently ran across the above slogan and felt it related well to the relationship the IAA Credit Union (IAACU) has with GROWMARK. Like GROWMARK, IAACU is a “not-for-profit” cooperative, owned and governed by our members. Our profits are returned to our members in the form of lower lending rates, higher savings returns, and “low-to-no” fees. In addition, all decisions are based on what is best for our members, not what will generate the greatest return for our stockholders - because we don’t have stockholders.
The IAACU was organized in August of 1951 as a benefit for the employees of the IAA Family of Companies. It remains today an employee benefit, operated and governed by its members with oversight by the sponsoring companies. Our board of directors is comprised of volunteers nominated by the sponsoring companies and elected by the members. Currently, our board is served in proportion to the number of members represented by each sponsoring company. The breakdown is as follows: two directors from GROWMARK; two from the IAA; and five from COUNTRY Financial.
An organization’s ideology comprises its purpose (why are we here?) and values (what do we stand for?). At the IAACU, we define our purpose as “serving our members and advancing their financial well-being.” This is why we come to work every day. We define our values as being focused on our members, insisting on financial strength, operating with integrity, respecting our employees and supporting our sponsoring companies – this is what we stand for.
The IAACU’s philosophy is to operate not for profit but for service. We, at the IAACU remain committed to the origins of the credit union philosophy: “Not for profit – not for charity - but for service.”
By offering credit union membership as part of the employee benefit package, GROWMARK demonstrates their commitment to their employees’ financial well-being. This real value aids in their ongoing efforts to recruit and retain the best employees in the industry.
We offer our sincere appreciation for your membership, and GROWMARK’s continued support!