Financial Center: credit union now welcomes all--even businesses.

• Author: Kaelble, Steve
• Position: Profile - Indianapolis credit union

THEY SAY MEMBERSHIP has its privileges. But one need not be privileged to become a customer of the Indianapolis credit union known as Financial Center.

One need not be a teacher to belong, or a sheet-metal worker, firefighter, steelworker or transmission builder. Indeed, just about anyone with any kind of relationship at all to Marion County can gain access to this "community-chartered" credit union. Live, work, worship, attend school or volunteer in tile county and you're welcome to become a customer.

Also welcome at Financial Center are businesses. While credit unions traditionally have aimed their services at individuals and families, Financial Center more recently has been rolling out a lull line of business services, including commercial lending targeting small to mid-size businesses and organizations. The institution is focusing in particular on emerging businesses--growing companies that need access to loans and/or lines of credit.

Financial Center's business services also include business accounts, cash management, deposit and merchant services and payroll management. The institution will handle business bookkeeping, preparation of financial statements, internal audits, tax planning and preparation, transition planning, management information systems, even CFO outsourcing. Business customers can arrange property and casualty insurance through Financial Center, get help with strategic planning and management consulting, and arrange for a wide variety of employee benefits, including loans, account services, wealth management and asset protection.

The changes help Financial Center better compete with other financial institutions in the area, explains David Parmerlee, vice president of marketing operations. "Most people--business or consumer--view financial institutions as commodities offering the same thing. We offer those core products and services, but what we believe really differentiates us are the value added services. They help consumers and businesses better manage their financial affairs."

Business focus. The reasons for moving into business services are reminiscent of the reasons credit unions came into existence in the first place, says Roger Youngs, president and CEO of Financial Center. "People were not being served by the banking community," he says. "That's happening again, and it's happening with small, emerging businesses."

Youngs claims that big-name banks with a national focus often show little interest in the lending...