Langley Exceeds $100 Million in Card Balances with Ambitious Year-End Campaigns
Langley FCU, headquartered in Hampton Roads, VA, is a multi-occupation, SEG-based credit union. It ranks among the top 100 in the U.S., with assets of $2 billion, over 470 employees, and 218,000 members served by 18 branches and a full-service contact center.
When Langley’s longtime CEO, Jean M. Yokum, retired in 2012 after 58 years, 33 of them as CEO, her successor, current CEO Tom Ryan, saw an enormous opportunity to return the credit union to its nimble, entrepreneurial roots.
Ryan wanted to retain Langley’s strong capital position and deposit base while creating a strategy to:
- Increase lending, particularly through growth in loans with short terms or variable rate features
Enhance collaboration across Langley departments by implementing an employee "success-sharing" bonus program.
In 2012 Langley called in Advisors Plus Credit Card Consulting to conduct a comprehensive review of Langley’s existing credit card portfolio and operations. Advisors Plus recommended that Langley invest time in optimizing its portfolio before working to grow balances and/or accounts.
Langley turned to Advisors Plus Marketing Services in late 2013 to begin implementing its ambitious growth plans. Advisors Plus crafted an aggressive and varied calendar of direct mail and branch marketing campaigns aimed at acquiring new card accounts, activating existing ones, and increasing card usage.
The campaign strategy was extremely successful across the board: Langley exceeded its aggressive $100 million balance goal for 2014, achieving 30% balance growth and 20% growth in its number of credit card accounts.