Why Credit Union Mission Statements?

Results/Conclusion

A Content Analysis of Credit Union Mission Statements

Out of the 20 credit Unions ...

• 18 had mission statements
• Concern for public image NEVER mentioned

Philosophy - 14

Self Concept - 1

Concern for Public Image - 0

Concern for employees - 1

Customers - 4

Products & Services - 11

Markets - 1

Technology - 2

Concern for survival - 7

Their mission statements did NOT distinguish themselves from other financial institutions

Why Credit Union Mission Statements?

Credit Unions, as defined by the World Council of Credit Unions, are “member-owned, not for-profit financial cooperatives that provide savings, credit, and other financial services to [their] members.”

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Credit Unions are classified as non-profits : 501 (c)

(IRS, 2016)

Employees

American Heritage FCU Employees

Non-profits rely heavily on mission statements

R1: What are the main communication content elements in the mission statements of Credit Unions?

Method

People Receiving the Services

This is no research on the content in Credit Union mission statements

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R2: How do Credit Unions use their mission statements to distinguish themselves from other financial institutions?

• Top 20 Credit Union Mission Statements
• Based on number of members
• Used David's Theoretical Framework

Mission Statement Drivers

• Bart (1996) defines drivers as “forces motivating the development and use of a firm’s mission statement in the first place” (p. 215)

• The top drivers found are as follows: providing a common purpose, creating shared values, and inspiring employees (Bart, 1997

• Interesting? Financial gain is NOT one .....

Research!

Mission Statement Drivers

Figure 1:2. Mission statement components defined and

exemplified from a customer perspective (David, 2014, p. 99)

David (1989)

"an enduring statement of purpose that distinguishes one organization from other similar enterprises, a mission statement is a declaration of an organization’s reason ‘for being.'"

• customers
• product and services
• location
• technology
• concern for survival
• philosophy
• self-concept
• concern for public image
• concern for employees

Mission Statement Content

ESL Federal Credit Union

At ESL, our mission is to provide consistently reliable financial solutions for people and businesses connected to the Rochester area and surrounding communities. We operate in a manner that creates value for customers, employees, the community, and our business partners.

What Makes Credit Unions Unique

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• Previous research on mission statements focuses on corporate and financial institutions or nonprofits and their overall goals (Hackley, 1998; Jung and Pompper, 2014; Crane and Glozer, 2016) and how the overall performance of the organization is affected (Yaxhou & Jian, 2011).

• There is no research on this unique combination of financial nonprofits, Credit Unions, and their mission statement content.

• You would think the Mission Statements are "Market", "Customer" and Transparent