Bronco Federal Credit Union Wins National, State Honors for Financial Education Programs

FRANKLIN, VA (11/08/2010)(readMedia)-- Bronco Federal Credit Union has won a national Honorable Mention and state-level 1st Place honors in the Louise Herring Award for Philosophy in Action competition. The competition honors credit unions for their practical application of the "People-Helping-People" philosophy that is the hallmark of the credit union movement. It is sponsored by the Virginia Credit Union League and the Credit Union National Association (CUNA).

The credit union's award-winning entry shared the story of its efforts to help members and its community following the closure of the International Paper plant in Franklin, Virginia, a key employer for the area and the credit union's founding sponsor organization.

As 1,100 members of its community lost jobs, the credit union reached out with workshops on money management, provided additional support to members through the plant's onsite credit union branch and held monthly workshops for members on how to work with their financial institution should they fall behind on mortgage payments.

Credit union staff walked members through budgets, pulling and reading their credit reports, and working up budgets to help families better cope with the lost income. Bronco also helped its members directly with programs that modified mortgage loans to help families cope with their reduced income.

"Though the loss of International Paper was certainly a setback to the area, our community pulled together, as it did after Hurricane Floyd flooded Franklin's downtown in 1999, to help families work through the challenges they faced," said Bronco Federal Credit Union President and CEO Bob Petty. "Just as family does, our credit union saw a way to help through loan modifications and counseling members on budgeting and managing their finances. I'm proud of our staff for the lengths to which they went in assisting members and the community through seminars and educational sessions. We are driven by our 'People Helping People' philosophy, particularly in this situation."

Bronco Federal Credit Union employs 72 team members, both in Franklin and Suffolk, and boasts $203 million in assets. The not-for-profit financial cooperative was founded in 1941 and is headquartered in Franklin. BFCU now serves the Hampton Roads Community. Partnering with more than 18,000 members through five locations will always be the number one priority. Learn more about the credit union online at http://www.broncofcu.com.

The competition is named after Louise McCarren Herring, a credit union pioneer, who believed that the operational application of credit union philosophy helped better people's lives.