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Article: LOYALTY DRIVES BOEING CREDIT UNION EMPLOYEES GROUP A MAJOR COMPETITOR FOR REGION'S BANKS.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- March 31, 1997
- Author:
CopyrightCOPYRIGHT 1997 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the late 1960s and early 1970s, when Boeing laid off thousands of workers, Boeing Employees Credit Union's assets shrank 20 percent and it closed all but one of its branches. ``It was a matter of survival,'' says President and Chief Executive Gary Oakland.
When Boeing employment slumped again in the early 1980s, the credit union ``basically went through that very flat,'' Oakland says.
But during Boeing's 1990-1996 slowdown, the credit union's membership, deposits, loans and reserves all grew - and loan delinquencies actually dropped.
That the credit union's fortunes no longer move in lock step with the aerospace giant illustrates the ...