AmeriCU Credit Union Chief Operating Officer Receives Financial Executive of the Year Award
July 02, 2012
Judith Cowden, Vice President of Member Relations and Marketing with AmeriCU Credit Union, announced that Joe Anderson, AmeriCU Chief Operating Officer, was selected as Financial Executive of the Year by the Central New York Business Journal for Not-for-Profit Institutions exceeding $20 million in annual revenue. The award was presented at a luncheon at the OnCenter in Downtown Syracuse June 26, 2012.
Joseph C. Anderson began his career with AmeriCU Credit Union in 2002 as Vice President of Lending. In 2004, he was promoted to the newly created position of Chief Operating Officer (COO). In his role as COO, Joe oversees Finance, Mortgage, Consumer, and Business Lending, Human Resources, Marketing and Member Relations, Facilities and Construction, Information Technology, and Financial Center Services. Joe is responsible for the execution of the Credit Union’s financial plan. He also is responsible for developing and enhancing the organization's processes and infrastructure to deliver all the outstanding programs the Credit Union has to offer. Joe guides the Senior Management Team in developing both annual and long-range strategic plans for AmeriCU.
Under Joe’s leadership, AmeriCU has doubled in size to more than $1.1B in assets and just over 120,000 members. Both his unflagging commitment to achieving the highest standards of member service and his introduction of numerous successful initiatives have contributed strongly to the organization’s overall success.
In 2006, Joe helped to initiate AmeriCU’s “mystery shopping” program, in which real members assess the performance of front line staff across numerous attributes on hundreds of transactions each month. This program ensures that AmeriCU’s service is consistently fantastic and helps identify new ways for staff to better meet members’ needs. AmeriCU’s member service ratings are consistently among the highest in the financial services industry.
In 2003, Joe initiated AmeriCU’s highly successful indirect auto/motorcycle lending program (in which AmeriCU financing is offered through a network of dealerships). The program presently serves more than 70 auto and motorcycle dealers in the CNY region. Over the past three years (2009, 2010, 2011), the program has originated more than $100M in loans each year.
Joe also instituted AmeriCU’s independent Asset Quality program, which is a system of checks and balances for lending that ensures that all policies and procedures are followed, required documentation is received and filed, underwriting guidelines are met, and all loans are processed in accordance with regulations. He also initiated AmeriCU’s Loan Workout & Recovery program, in which specialized staff assist those members who are struggling to meet their payment obligations. AmeriCU works with these members to help them get back on track. Both programs ensure that AmeriCU achieves exceptional results with regard to both delinquency and net loan losses. As of April 2012, AmeriCU’s delinquency rate was just 0.56% and our net loan losses were just 0.20%. (The national average delinquency rate for state-chartered, federally insured credit unions such as AmeriCU is 1.79%, according to the NCUA’s 2010 report, which is the latest data available.)
Joe’s outstanding fiscal stewardship has ensured that AmeriCU’s operating efficiency ratio is excellent, and continues to improve each year. Under his leadership, AmeriCU spends very judiciously. He constantly evaluates market conditions and adjusts short-term tactics while ensuring that the organization remains on course to execute our long-term strategies. AmeriCU’s Return on Assets (ROA) stands at 1.58%, which is outstanding for a credit union AmeriCU’s size. (The national average ROA for state-chartered, federally insured credit unions such as AmeriCU is 0.52%, according to the NCUA’s 2010 report, which is the latest data available.)
Recognizing that AmeriCU is a not-for-profit, member-owned organization, Joe is deeply committed to giving back to the communities we serve. AmeriCU works closely with and donates generously to numerous local and national charities, and AmeriCU’s employees donate hundreds of hours to these causes, including: the American Heart Association, the American Cancer Society, the Humane Society, the Muscular Dystrophy Association, the Carol M. Baldwin Breast Cancer Research Fund, and La Liga, to name just a few.
Perhaps most important, Joe is very quick to recognize our employees’ hard work and achievements. At our monthly all-hands-on-deck staff meeting (that most people can attend live or via videoconferencing), Joe ensures that employees are given proper kudos for a job well done. Joe devotes ample resources to training and development of our personnel. He also understands the importance of having a little fun at work, so AmeriCU’s Employee Morale Committee organizes activities for whole staff each month. Joe also spontaneously buys people lunch, gives them time off, or sends them flowers when something great happens. Joe is committed not just to hiring the best and the brightest, but just as importantly, to hiring people who share AmeriCU’s values and work ethic.
Prior to his employment at AmeriCU, Joe was Managing Director of the Consumer Lending Division at Provident Bank in Baltimore. He has held positions at PB REIT, Maryland National Bank, Equitable Bank, N.A., Baltimore Federal Financial and Carrolton Bank of Baltimore. Joe attended ABA National Consumer Credit School from the University of Oklahoma. He earned a B.S. Degree from Towson State University and a Certificate in Retail Bank Management from the University of Virginia, McIntyre School of Commerce. He lives in Manlius with his wife, Suzanne, daughters, Catherine and Christine, and son, Joseph, Jr.
AmeriCU Credit Union is a not-for-profit financial cooperative serving eight counties in Central and Northern New York. AmeriCU Credit Union is located in central New York and is among New York State’s largest full-service financial cooperatives. The organization has built relationships with members since 1950 and currently serves more than 120,000 members world-wide through its remote contact center and its 15 full-service financial center locations. In addition to its full offering of traditional personal and commercial banking services, AmeriCU provides investment, insurance and financial planning services and consultation.
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Phone (315) 356-3000
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