Each week on “5 Minutes With” our hosts interview experts in the media world. This week, Chase Gunnell talks to Richard Murdocco from Sperry Associates FCU. Sperry Associates FCU is a full-service financial institution that has been serving the NY metro area for over 80 years. To learn more, visit https://www.sperryfcu.org/home/home.
Tell me a little bit about Sperry associates and what makes this organization unique.
Sperry Associates Federal Credit Union is a member owned financial institution that is based in the heart of Nassau County in Garden City Park. We have been in existence since 1936 when a team of Sperry Gyroscope employees Sperry Rand is a major defense contractor we have continued on the credit union part of the company. We’re continuing their legacy. We’ve been around for over 80 years and we’re proudly serving the Long Island community. Credit unions are unique because the difference between a bank and a credit union really is that a bank has the interest of shareholders while in a credit union, it answers to its members. When you become a member of the credit union you become what’s called a member over when you put a dollar into a savings account or whatever they’re federally regulated minimum is for that particular institution.
Do you see this trend of the credit unions growing like you said post recession continuing.
Yes but with challenges. Like anything else, the financial services industry is evolving. There are new players entering the market each and every day, including Goldman Sachs and Apple. The challenge is going to be differentiation.
Of those challenges that you mentioned just now which one do you think is going to be the biggest challenge over say the next 10 years for Sperry in particular.
The biggest challenge to overcome for a mid-sized or as I like to call it, the right size institution, like Sperry is consolidation within the credit union industry. You’re seeing larger players become bigger. You’re seeing smaller players become smaller or merging with one another. Then you have Sperry kind of caught in the middle, so we’re feeling market pressures from both above and below. As a credit union professional, I’ve worked in the industry over the years I’ve seen this evolution and it really mirrors other industries nationwide. Bigger players are becoming bigger and smaller players are either downsizing or not existing at all.