Our Central Valley Economic Update is posted! This recorded session spotlights leader perspectives with Brice Yocum (CEO of Tucoemas FCU), Nick Ambrosini (CEO of Valley Strong CU), Michael George (executive vice president of marketing for Safe 1 CU), and Robert Eyler, contract economist for the California and Nevada Credit Union Leagues and board member of Redwood CU.
Listen to how these credit unions are moving forward as local members react to concerns in today’s economy and banking environment, including:
Highlights: Yocum, Ambrosini, and George
“If all these incoming residents think the Central Valley is a great place to live, it’s going to make it more difficult for local workers in the agricultural industry and service industries to live here. Rising home values are challenging for locals who are considering buying a home. As a credit union, there are new opportunities in new-member growth and more affluent members. But we must remember those fragile communities that become even more fragile. How do we fill that gap? It’s going to be a challenge for all of us.” — Brice Yocum
“The Central Valley is in this ‘redefining who we are’ moment, and we’re trying to figure out what that post-transition phase looks like. The lower valley is transforming into what the future economy is going to eventually look like, so there’s a lot of opportunity. There’s a lot of money available, whether it’s government funds for infrastructure or other projects. Home prices have risen quite a bit — but compared to other parts of California, it’s still extremely affordable here. Innovation in credit union products will be key. There’s abundant opportunity for those willing to try something non-traditional.” — Nick Ambrosini
“People are migrating to the Central Valley because they can enjoy a better standard of living — not just with housing, but all other costs as well. For credit unions, we must continue doing what we’ve been doing that has made us successful. Credit unions that are financially prudent in good times are less impacted during lean times. We’re focused on keeping operating expenses down and keeping a strong capital position. Not only are you able to adapt to tough times, you’re better able to serve members who are even more impacted by what’s happening in this economic environment.” — Michael George
Prior Economic Updates
Prior local updates on the economy with Eyler and local credit union leaders include: