Q&A with Andy Hunter, CEO of Silver State Schools Credit Union

The recession’s effect on credit unions in Southern Nevada has been well-chronicled, but those that survived six years later are profitable and growing their loan portfolios. No one knows this better than Andy Hunter.

Hunter is CEO of Silver State Schools Credit Union. He joined the Las Vegas-based, privately insured credit union in July 2011 and has helped turn things around.

Silver State Schools Credit Union recently reported its seventh consecutive quarterly profit, as consistent results helped it post its first profitable year in three years. Net income for 2013 was $13.55 million, compared with a net loss of $670,000 in 2012.

Before coming out of retirement and moving to Las Vegas, Hunter spent 30 years in the credit union business in California, including as a consultant to San Francisco-based Patelco.

What was your first job with a credit union?

I was an unpaid intern at the credit union that served the employees of the University of California, Riverside. I did collections and bookkeeping. Eventually I became an actual employee and ended up doing a little of everything.

How difficult has it been to return Silver State Schools Credit Union to profitability?

There’s no doubt we’ve had some tough times in the past three years; like many other Nevada financial institutions, we had a real fight to improve (our) financial position, while weathering this challenging economy. We were forced to take some difficult steps. But the credit union has a great team and we have been blessed with the loyalty and support of the Clark County educational community and our entire membership.

What are your plans for Silver State Schools Credit Union in 2014?

Lending is going to continue to be a focus. And now that the local economy is improving, and consumer confidence is rising, we anticipate loan growth in both auto loans and mortgages. In the plans too is a credit card program, which our members have been asking for.

How important are mobile banking apps?

Mobile banking is critical to attracting and retaining Gen Y members. And millions of smartphone users, regardless of generation, basically expect mobile banking to be offered by any financial institution that wants their business. SSSCU has had a mobile app for a little over a year now, and it’s been very well-received. December 2013’s mobile banking user numbers totaled 5,300, from the low hundreds at its launch in February. Members have been asking for a mobile deposit feature to be added to our mobile banking application, and that’s going to be happening very soon.

What is the biggest misconception of how credit unions operate and how do you change it?

I think the general public perceives us as having less access and convenience than the big banks, fewer branches and so forth. But with our electronic access and shared networks for ATMs and branches, for most members our access is at least comparable.

How do you boost awareness of SSSCU and other credit unions?

I do think there has to be shared strategic vision among credit unions to emphasize what it means to have a credit union as a financial partner. To fulfill our mission and to differentiate ourselves in the marketplace we must offer more than commodity financial services. We must adhere to our member-centric philosophy. Of course boosting awareness is a challenge. We try to achieve that by working with our education partners, being truly involved in our communities and working together with other credit unions.