Credit union reaches half-century mark

Fifty years ago, when the Park Side Credit Union first opened its doors in the Flathead Valley, there was little doubt the financial operation would thrive in a rapidly growing business community.

Today that optimism hasn’t changed inside a credit union that survived the turmoil of the 2008 recession and came out stronger than several area competitors, according to credit union officials.

The Park Side Credit Union, based in Whitefish, turned 50 on Aug. 29, just a week after being announced as one of the top 200 healthiest credit unions in the country.

When Park Side — then called Park Side Federal Credit Union — opened in 1965, it primarily served employees of the railroad, according to Josh Kroll, vice president of marketing. Today the credit union has $198.1 million in assets, 22,000 members and a staff of 90 employees between the Flathead Valley and Missoula area. To commemorate the anniversary, Park Side held a free picnic for its members and the public at Lawrence Park in Kalispell.  

“It was pretty smoky but about 500 people showed up, so it was definitely a success,” Kroll said.

One week earlier, Deposit Accounts ranked Park Side in the top 200 credit unions in the U.S.

Park Side was ranked 58 out of the top 200, based on evaluations in Texas Ratio, Texas Ratio Trend, Deposit Growth and Capitalization. Park Side Credit Union received an A+ in three of four categories. Capitalization received an A, just below the other categories.

The health and growth can be attributed in large part to Park Side’s merger with Gateway Community Credit Union in Missoula last year. The merger added three new branches and 20 employees.

Along with growth, Kroll noted consistency as a strong practice in keeping the credit union running well, even during the events that led up to the recession.

“Banks and credit unions were getting involved in more than they needed,” Kroll said. “A lot of banks and credit unions had to clean up their books after the [the recession] hit. We were very careful about managing the assets of our members and those results show that we’ve been healthy.”

In January Park Side shifted its Partner Program from a loan promotion program to pairing with local nonprofit organizations. The annual program previously existed as a vehicle to get funding and exposure for these organizations. This year, the program has changed to a partnership where both the credit union and Park Side Partners promote each other and establish a business relationship.

Each year Park Side sets up a new group of nonprofits. This year the local partners are the Literacy Center for Northwest Montana, Hockaday Museum of Art and CASA for Kids Kalispell. The Missoula groups are Mountain Home Montana, Missoula Children’s Theatre and CASA for Kids Missoula.

“We really try to connect with a nonprofit that has something for everyone who wants to help the community in different ways,” Kroll said. “That way we can work on a deeper level with these places.”

Oftentimes the case with financial institutions and nonprofits involves writing a check and saying, “Talk to you in 2016,” Kroll said.

Barry Conger, interim executive director at the Hockaday Museum of Art, said the partnership with Park Side has been a mutual benefit.

“We’re certainly getting a lot out of it,” Conger said, “with finances, exposure and general operations.”

The credit union has joined the Hockaday in several events since forming the partnership midyear, sometimes with financial support and other times with manpower. Park Side helped the Hockaday earlier this year by taking on its “Kids Zone” at the Arts in the Park event in July, providing staff, materials and operating the stand.

In addition to donations and staff support, the partnership program means that Park Side provides the nonprofit with online support such as Facebook and Twitter posts. The credit union helps pay for radio spot advertising, marketing and makes a $5,000 donation toward the nonprofit partner.

“It gets us some great exposure that we wouldn’t have been able to afford,” Conger said. “And the best part is that we get to work with each other at different events. It really is more like a partnership.”

Over the last four years, past partners have been able to connect through the Park Side program. Organizations like the Whitefish Theatre Company and Missoula Children’s Theatre now network resources.

“Over time I’m excited to see how big the network can get,” Kroll said.

To qualify for the partnership, the organization must be a 501(c)(3) nonprofit that services the local area in the Flathead Valley or Missoula and already has fundraising efforts in place.

Park Side also donates efforts to local programs like Habitat for Humanity. In August, several Park Side employees volunteered at a build site near Kalispell.

Looking ahead, Kroll said he hopes the program will be able to increase the number of partners it takes on each year. But with just three, Kroll said the credit union is able to give more attention to each organization.

“We’ve really just tried to create a culture that’s hard to define as other than positive,” Kroll said. “That’s why people who work here do, they know that’s part of the job.”

For more information on the Park Side Credit Union, visit www.parksidecfu.com.