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It took elbow grease and a strong belief in her capabilities to turn around a troubled credit union, but outgoing president Anne Heggelund is leaving an organization that is healthy and in good hands.
When CUES member Anne Heggelund, CCUE, first arrived at Marathon County Employees Credit Union in May 1985, she discovered an organization in that had a lot of rebuilding to do when it came to its membership. For a variety of reasons—unknown to Heggelund at the time she accepted the job as president—trust between the credit union and members had seriously eroded. Looking back, says Heggelund (who, since this writing, retired in January 2018) the biggest challenge she faced was reestablishing this trust. Considering that Heggelund came to Marathon County Employees CU with only a year’s experience at a local bank where she performed “just above entry-level work,” that’s saying a lot.
“I received a bachelor’s degree in business in 1984 and worked for the bank my first year out of college,” she recalls. “But the (male) head of the bank wasn’t pro-woman, and I knew I was going nowhere. So I looked for jobs on my lunch hour every day, and when I saw an ad in the paper for the credit union job, I applied for it and got it.”
Twenty-three at the time, and with no experience in running a credit union—“I was inexpensive and willing to learn,” she says—Heggelund was hired. The total workforce was her and one part-time employee.
Founded in June 1965, and with one location in Wausau, Wis., Marathon County ECU is a closed-charter credit union serving Marathon County government employees. Currently, the number of members stands at 2,605 with assets of over $26 million (up from $600,000 when Heggelund took the helm). As of this writing there are seven employees—two loan officers, three member services staff, a VP/member services and Heggelund; a compliance specialist comes in five days a month.
It took a monumental effort to turn things around. Heggelund put in 80-hour workweeks, most of which involved getting up to speed on credit union operations in general. In this respect, the Wisconsin Credit Union League was invaluable, she says.
“Mary Bliss from that organization came up monthly to help me learn. I attended all of the training they offered, and if we couldn’t afford it, Mary found a way to get me in,” Heggelund says.
In addition, she took advantage of the CUES Net email listserv “and the ability to network with other credit unions’ executives,” Heggelund says. “The listserv and Members Share information were very valuable to me.”
The other component required to set the credit union on the right course was rebuilding membership trust. Heggelund says she volunteered for every single activity or committee she could, making sure she got to know the government employees and that they could see the organization was freshly committed to serving its members.
It didn’t take long before her hard work—and that of her staff—began paying off. By 1986, Marathon County ECU started showing growth of 20 to 40 percent annually in assets, members and loans. The pace has leveled off over the past few years because of fewer government employees and increased competition from two nearby, billion-dollar open-charter credit unions.
One move that had a particularly positive impact for Marathon County ECU was redefining what constituted immediate family members. Around 10 years ago, the scope was broadened to include anyone who could be charged with domestic violence, such as a domestic partner; spouse; former spouse; parent, child or a person related by blood or adoption to a member; persons currently or formerly residing in the home with a member; those who have children in common with a member; persons providing in-home or community care for a member; or those with whom a member has a dating relationship.
Heggelund says this strategy helped increase the membership by over 200 people and assets by almost $12 million. It also deepened the relationships between the credit union and its members, she adds.
“It made us a family affair, and this created a greater connection with the members and also stronger relationships with gay, lesbian and unmarried but cohabitating members,” Heggelund says.
Had Heggelund known what awaited her that day back in 1985, she says she nevertheless would have taken the job, believing that “you can learn anything if you put your mind to it.” Her advice for those just starting out in the industry or who are in the middle of their careers is the same.
“Don’t back down from a challenge. Never stop learning. Get involved. Become a chapter officer. Meet people,” she says. “And always remember there are two sides to every story. I always try to see the best in my members.”
Pamela Mills-Senn is a freelance writer based in Long Beach, Calif.
