By: Adam Claypool, Chief Executive Officer, First Community Trust
As credit unions continue to innovate and expand how they meet the needs of members, attracting and retaining the best and brightest talent is crucial. First Community Trust (FCT) is proud to be a partner for credit unions to provide services that help attract and keep top-tier talent, while also providing resources that enable credit unions to give back to the communities they serve and help their members plan for the financial road ahead.
FCT’s professionals have more than 450 years of collective investment, financial and trust experience. By leveraging this expertise in key focus areas, FCT can expand long-term financial impact for credit unions as they support members, employees and the community.
FCT drives impact for credit unions through three key pillars, supported by specialized services that:
- Improve and Secure Members’ Financial Futures – FCT partners with credit unions to offer wealth management services to members. Our team often houses inside the credit union and provides personalized service to members on important issues like retirement planning, estate planning and wealth management.
- Attract and Retain Top-Tier Talent – In addition to traditional employee 401(k) and wealth management planning, FCT provides a unique opportunity to help credit unions provide robust benefit offerings to employees through Pre-Funded Employee Benefit (PEB) accounts. PEB’s offer your credit union the ability to help offset the cost of benefits by investing in funds to help yield returns whose earnings can directly offset employee benefits costs.
- Give Back to the Communities Served: Doing good is core to the “people helping people” philosophy that guides credit unions, and Charitable Donation Accounts (CDAs) provide a financial vehicle for credit unions to support their charitable missions while also earning investment income. Earnings from a CDA allow the credit union to give back to the community without tapping into operational funds.
As credit unions grow and succeed with the help of these services, so does FCT to continue supporting them. FCT is poised to end the year with 10% more assets under management compared to this time last year. To help grow with this market demand, FCT has added three new credit union partners and created or filled eight positions. FCT is committed to providing career growth opportunities for internal staff and ensuring we are adequately staffed for the future.
In response to FCT’s growth and success in 2023, several key leaders were promoted earlier this year to position the organization for continued growth as our portfolio expands and we continuously innovate to meet consumer needs.
This summer, we were also proud to welcome Sheldon Reynolds, Executive Vice President/Managing Director to the FCT team to oversee and lead the growth of FCT’s institutional division, which includes selling, managing and retaining relationships with financial institutions and clients, as well as driving new market expansion.
“I am honored to be a part of the team and work alongside credit unions to help them improve the financial lives of consumers and better the communities they serve,” said Reynolds. “The growth at FCT has been exciting to witness firsthand, and I look forward to playing a role in expanding FCT’s support to credit unions across the Midwest and country.”
FCT is ready to serve your credit union and provide lasting impact for your members and the communities you serve. With our collective experience, high-touch service, understanding of your credit union’s unique needs, and the ability to deliver tailored solutions, FCT is positioned to be the partner to grow with you.
Interested in learning how First Community Trust can support your credit union? Contact Sheldon Reynolds today.