MADISON, Wis. — While it appears that many credit unions are recruiting from community banks to staff their business lending departments, most are choosing to seek talent from within.
That is one of the findings from CUNA's 2007 Business Services Survey, which was sent out to nearly 2,000 credit unions. Of the 204 responses received, 47% CUs indicated they recruit internally while 35% turn to community banks. Twenty-six percent said they seek professionals from state-wide financial institutions and 27% indicated recruiting from other areas.
Doug Benzine, vice president of CUNA Research and Advisory Services, spoke this afternoon at a Webcast highlighting some of the survey's findings. Benzine said when CUs hire someone from the banking sector, they tend to get someone who has expertise in just one area. While NCUA requires staffers to have just two years of business lending experience, Benzine suggested CUs should seek out professionals with at least 10 years under their belt.
In other areas of the survey, 57% of respondents said they started their MBL program slowly, in house and gradually added more services, 16% subscribed to a CUSO, 15% invested in a CUSO, 10% started in house with a complete portfolio of products, 8% started through loan participations and 7% indicated other means.
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