Tropical Financial Credit Union, based in Miramar, FL, was featured in the April edition of the Credit Union Business magazine. The magazine’s editor and publisher wrote a column on the success of Tropical Financial CEO Rich Helber in making the credit union profitable again. The column points out that in 2010, when Helber took over, the credit union’s balance sheet saw, “Loan losses were dramatic, and the trends were not in favor of the institution’s continued success.”
Helber was able to bring the credit union out of its “adequately capitalized” state and become “well capitalized” his first year. He credits that he uses all of the credit union’s products so he understands the member’s experience. He also monitors trends to bring a better product to members. The column points out that Tropical Financial has been around for 80 years and understanding the needs of its members has been a big reason its successful today.
You can read the full column by downloading it here.