CASE STUDY
First Commonwealth FCU
SITUATION
Founded in 1959, First Commonwealth Federal Credit Union is one of largest credit unions in Pennsylvania. The new CEO assessed that the organization’s employees needed to be engaged in way that would create a culture shift from one that avoided change to one that embraced innovation. She also wanted to ensure that all levels of the organization, from the board and leadership team, to middle management, to front-facing and back-office support staff became unified behind a clear and compelling mission, vision and set of values that would drive the behaviors that resulted in sustainable, scalable success. The CEO brought in Princeton Partners to lead the development of the solution.
SOLUTION
Princeton Partners led all stakeholders through our proprietary Mission, Vision, and Values (MVV) research and development process. We surveyed and interviewed staff, analyzed personality profiles, and conducted exercises with over one hundred people including members of the board, the leadership team, middle managers, and the client facing and supporting staff. We heard their concerns, their suggestions, and their goals for the future of the credit union. We then helped them craft an MVV solution which clarified what the credit union stood for, what they wanted to achieve, and how they would get there. The process unified stakeholders and got them all moving in the same direction—forward.
RESULTS
Management, employees, and members felt a renewed excitement about First Commonwealth’s mission and future, rallying behind their new mantra: “Empowering the pursuit of financial happiness” with a focus on advancing financial wellness for their members and the entire Lehigh Valley. Employees felt valued and empowered because management enabled them to take a greater role in the credit union’s focus, operations, and future. Management was able to execute their strategic plan and implement significant customer-facing innovations on a faster timetable with the support of all its stakeholders. New financial centers were introduced as centers for financial education, ITMs with live video associates were launched, and new mission-focused programs gave middle managers and all staff opportunities to contribute their talents. First Commonwealth’s internal energy and outward-facing visibility and impact gained momentum because of their commitment to real people. They were named Pennsylvania’s #1 Credit Union by Forbes in 2019.