Daily Local News (West Chester, PA)
Franklin Mint Federal Credit Union making moves
Its longtime CEO is receiving an award from a national group and next month FMFCU is relocating its headquarters
John D. Unangst has seen a lot in his 40 years at Franklin Mint Federal Credit Union.
Now the president and CEO of the Delaware County-based financial institution that is moving from Broomall to Chadds Ford next month is about to see another: He has been named CEO of the Year for credit unions with more than $250 million in assets by the National Association of Federally Insured Credit Unions.
He will be recognized during the national organization’s 50th annual conference, which is being held this week in Hawaii.
“I was surprised, because I wasn’t told (the nomination) was submitted,” said Unangst, 70, of Kennett Square.
Among his accomplishments, Unangst said he is most proud
of the growth of the credit union – particularly at a
time when many failed or were forced to merge.
“There were 22,000 credit unions in 1976. There are less than 6,000 today,” he said. “We’ve survived, diversified and have grown when
other credit unions have not. We came from out of nowhere. We were the 400th (largest) in Pennsylvania in 1976. Now we’re number 10.”
Under his stewardship over the last four decades,
the credit union, which goes by the acronym of FMFCU, has gone from one branch with less than $1 million in assets to 40 branches and $1 billion in assets. Only 5 percent of all credit unions are over the $1 billion milestone, FMFCU noted.
In addition, Unangst led the formation of two credit union service organizations that continue to affect the credit union industry, the National Association of Federally Insured Credit Unions said.
In 1986, FMFCU formed State Financial Network LLC. to offer mortgages and services to other credit unions and their members. More recently, in 2013, the Credit Union Network for Financial Literacy was created to offer The Berenstain Bears Financial Literacy Program to credit unions.
When he arrived from Provident National Bank, now PNC, Unangst was the third employee at FMFCU. Now, the credit union has 350 employees.
“I will be accepting this award on behalf of the dedicated and talented employees of FMFCU,” Unangst said. “It is because of their exceptional hard work this award is even possible.”
To continue to grow, Franklin Mint chose to relocate to Chadds Ford. The new location was chosen because it remains in Delaware County, but is closer to where future growth is expected, Unangst said.
Currently, FMFCU has four branches in Chester County, two in the state of Delaware, two in Philadelphia and the rest in Delaware County. Its future growth will come from Chester County and Delaware, the CEO said.
The credit union has a 15year lease for the new corporate headquarters at 5 Hilman Drive, which was built by the Henderson Group.
“The timing was right for them and it was the right timing for us as well,” Unangst said. “The area is booming.”
FMFCU is a Select Employer Group credit union, which means it must be invited by companies and organizations to provide financial services to employees.
“We knock on a lot of doors,” the CEO said.
That knocking will continue. While it took Franklin Mint, founded in 1970, 47 years to top the $1 billion mark in assets, Unangst projects it will reach $2 billion in the next five years.
“We always say if you’re not growing, you’re not surviving,” he said.
At 70, Unangst said he has no concrete plans for retiring but acknowledged the credit union must be prepared.
“We’re working on a succession plan,” he said. “I’m not ready to retire yet, but it is inevitable.”
“There were 22,000 credit unions in 1976. There are less than 6,000 today. We’ve survived, diversified and have grown when other credit unions have not. We came from out of nowhere. We were the 400th (largest) in Pennsylvania in 1976. Now we’re number 10.” — John D. Unangst, Franklin Mint Federal Credit Union president and CEO