Latest / Rick Outzen: (we don’t) color on the dog / TruWorth Rising: Gulf Winds CEO Daniel Souers
Transcript
- Rick Outzen: Welcome back. I'm Rick Altson. This is Rick's Blog Live. Thank you for watching. Big news yesterday out of Gulf Winds Credit Union, name change, a rebrand, True Worth Credit Union, and the acquisition of the Madison County Community Bank. We've got with us Gulf CEO and President Daniel Sowers. Daniel, thank you for coming. It's great to be the challenge of acquiring bank a credit union, I'm sure there ⁓ Some hoops that are involved here. Talk a little bit about that. Daniel Souers: Absolutely. So we have two regulatory bodies that regulate us, you know, because you want your money to be safe. so there is there's a process to go through that and sure your regul reg your those regulators will approve it. ⁓ Then the bank side, they have regulatory bodies as well. So you have four regulatory bodies that you go through to finally get it approved, make sure it's it's sound. But in our ⁓ because we are so well capitalized. I mean the credit union has just run so well over the years, such a beloved union, so thankful to have been able to be part of this. Because that we have great capital and we see any any ⁓ any any issues So that makes it a lot s more smoother sales for us for sure. Rick Outzen: Now, what does that do ex the expansion, how big does your reach become now? Daniel Souers: Yeah, so ⁓ a lot of people don't know, but we actually have we have a territory in Tallahassee today. ⁓ we have three branches over there now, then we have three branches over in the Alabama market, and then of course we have six branches in Pensacola. So already been operating over in that Tallahassee area. So what this does is just strengthen that market. ⁓ It two branches, puts two branches about forty five minutes from some of our other branches in either direction. So no Rick Outzen: Duplication, which is which is kind of what you want to look for. Yeah. you go into Georgia also? ⁓ Daniel Souers: Absolutely. So we our territory expands to South Georgia, South Alabama, and all of North Florida from a territory standpoint. Okay. ⁓ from a branching perspective, we're in Tallahassee, Pensacola, and then South Alabama. Rick Outzen: Yeah, the ⁓ when you look at w what the decision with the name? You know, True Wealth, ⁓ True Credit Union, the why not the Winds name? ⁓ Daniel Souers: Well, you know, it's it it's been a debate for a long time at Gulf Winds. We knew there would be a day as we continue to expand and grow the wind of a Gulf ⁓ not hit where we're at, right? Right. So as we're going into Georgia and we're we're we're expanding in the southeast, th name maybe may make sense. And we've ⁓ Gulf Winds changed their name. This is this will be the fourth time to change the name. So when we got started, we were Kim Strand, Federal Credit Union, and Monsanto Credit Union, then Gulf Credit Union, and then now we just felt like it was time, it's been about 20 years, ⁓ we felt it's time to ⁓ to really the essence of who we are. And so when people walk into Gulf Winds they go online or they give us a call, we've always ⁓ at people said, How do we, how do we say yes? How do we help this person not just get a mortgage, but want a home. How do we get that give them in that home or that car? How do how do we help them get their dream or whatever? And so captures the I think, of who we are. So TrueWorth Credit Union, we've always seen their worth. Rick Outzen: And you'll still be a credit union. So you'll still be able member member oriented. Daniel Souers: That's right. So nothing really changes than the name and we've we've we've been growing, we've been expanding. the members have seen the benefit of that. And so just gives us more ⁓ more firepower keep growing and keep offering more and more services to our members. ⁓ Rick Outzen: like the tagline, you know, see your true worth. did that how did y'all come through walk me through that one? Daniel Souers: Well, so we we have we have a creative director that we hired and so the all of this work was done in-house. We we built this all in-house. ⁓ we did market research to try to understand what our members thought of us, what members thought of other places, what the community thought of us and other financial institutions. And we kept coming back to this idea of that ⁓ members our community wanted something that would really see them for what they are. Someone that could make them the hero. so that's what we wanted to do. And so when we finally landed on the name True Worth, we your true worth. We're like, this is it. We found it. And it's hard to find a name that's not used down in the credit union land. So ⁓ it took months of time to get there. Rick Outzen: Well you look at at know the challenges of doing that, the challenges of of incorporating new employees to the culture, because you all have a very strong culture. this not gonna happen overnight. This will be next spring when we'll see ⁓ all the signs go up. but what will change for for the member the Gulf Winds members now? What's gonna change for them when this happens? Daniel Souers: You know, w right away nothing. other than we're gonna continue to try to add more services, more tools, more people. but I think we'll just be able to better communicate what we offer to our community. Rick Outzen: Why was Madison County Community Bank a good fit? Daniel Souers: Madison County Community Bank their they've got a great culture as well, and they very relationship focused. They love their community. The the CEO who started that bank ⁓ back in started it because he didn't feel like anyone ⁓ was taking of his community. And that's very similar to the reason Gulf Winds was started. nineteen fifty-four we were started because ⁓ big banks at the time weren't money the people at Chemstrand. And so they let's pull our money together and take care of our friends. So ⁓ he was taking of his friends, we were taking care our friends, and now we just have more friends. Rick Outzen: you know, it it's philanthropy has been a big part of of Winds. I mean just y y so different events that y'all do ⁓ and your employees heavily engaged in those decisions. Is there gonna be change there? ⁓ Daniel Souers: So it's just gonna be the it's gonna be more people, dollars to be able to invest back, but same mission, the same values, you know, we we call it we're growing for good. So the for us to grow, to increase our size and be able to offer even some products that they have that we don't have, they're very strong on the commercial side. And so to be able to bring those products in and be able to offer more commercial services to our to our members is going to be great for us. so you're to see more ⁓ of you're seeing now, ⁓ not So we are growing for good. Rick Outzen: Well, it I've I was joking with you before we came over the air. You you've never sit still. You're you know, you're all y'all are always looking at ways to be better. this is this is pr a pretty huge challenge. Daniel Souers: We have an amazing team an amazing team of leaders and team members ⁓ you we are guess a glutton for punishment. Because we just we just are just trying to do as many things as we possibly can. But you know, think at the end the day, like within me there's this to make sure that are a difference. When I first came into the credit union, I said, I want there to be the day. Where if golf winds were to go away, the community goes, are they at? Where' where's where's golf winds? And that that's what I want TrueWorth to be. I want us to be such a powerful force in community, ⁓ in our in Pensacola and the communities we expand into, that we're a force for the for the community. Rick Outzen: coming up on the break, but I I think that, you know me it's it's been interesting to watch. One, I've I've I've we've followed Gulf Winds for a long time, almost just you know, since the beginning of the paper. ⁓ I've your leadership coming in. It's what makes job special for you? ⁓ Daniel Souers: Well, you know, this was when I first came to when I first graduated from college, weren't any jobs here. And coming back is such a privilege ⁓ that going, how do create more jobs for the community so that people have their dream job? Our marketing department has doubled in size since I've been there. ⁓ Our risk department gr expanded. ⁓ We launched a department. We're expanding our mortgage department. ⁓ We have added a hundred people since I started. And to me that every single person is a job and a community and reinvestment back. Rick Outzen: I really thank you for coming. I mean it has been fun to watch. for you, you want to read more about it, you can go to their website. You can go to the blog. We've got more on it. And of course we'll we'll watch it as it evolves and the new signs go up with the new logo. Daniel, thank so much for coming. All right. We'll take a break. I'll try to wrap this show up somehow. ⁓ Be right