Shop Talk: Q&A with Jeffrey Davenport, Southbridge CU
Photo/Matthew L. Brown
Jeffrey Davenport, President & CEO of Southbridge Credit Union.
In March, Jeffrey Davenport became the president and CEO of Southbridge Credit Union when Thomas J. Smalarz retired after being CEO for 15 years. Prior to his appointment at Southbridge, Davenport was sales manager for the Credit Union National Association’s mutual group east region. A native of Maine, he also previously held management positions at County Federal Credit Union in Caribou, Maine, Key Bank of Maine in his hometown of Fort Fairfield and Fleet Bank of Maine in Bangor. Davenport is also a former director of the Massachusetts Share Insurance Corp. Here, he talks about his new job, how the credit union industry has changed and what lies ahead for Massachusetts’ credit unions.
>>What do you like most about the community?
I like the closeness of the community. It’s one of those few communities you see that actually has a Main Street, a town center. Coming from Northern Maine, Southbridge is a lot like those parts of rural Maine. They have the activities to pull the community together.
>>How is the industry different between the two states?
Credit unions are pretty much the same no matter where you go. The major difference between credit unions in Maine and credit unions in Massachusetts is, because of the population, there are many more larger credit unions in Massachusetts. In Massachusetts, you have larger credit unions that are more statewide, with over $1 billion in assets. And there’s a wider diversification of credit union sizes.
>>Does that have any effect on competition between credit unions?
There is a lot more overlap in Massachusetts. Some are competing with each other because of that overlap, but it’s still easy to get all the credit unions in Massachusetts in the same room together to talk about challenges or best practices.
>>How do credit unions like yours fit into the banking scene in Massachusetts?
Credit unions play a big part in the communities they’re in because it gives the consumer a choice. We all hear what’s going on with the larger national banks. The part a credit union tends to play is choice.
>>What has Southbridge Credit Union done to stay up with technology?
The most recent service we’ve offered is online checking accounts. Customers can go in and open an account online and get a preferred rate. So, we’re trying to move people to online service for convenience sake, and it’s worked out. We’re also placing banner ads on Facebook. Rather than do a shotgun approach, we’re trying to target marketing to a specific demographic: Gen Y and Gen X. They’re not on TV or radio, they’re online. This is the marketplace we want to tap into.
>>How have the results been with that online marketing effort?
Results are decent. We’d like to see more, but I’ve been impressed with the last two or three months. We capture their interest, but the question is how do we get them to take that next step? It’s just an easy move over to our site to open a checking account.
>>How have credit unions changed over the years?
Credit unions have become a lot more progressive. Earlier credit unions were a basic share account, car loans, personal loans, but over the years for credit unions to remain viable, to remain relevant, we’ve had to expand.
>>What first interested you in financial services industry?
I never really had an interest in the financial services industry. When I went to college, it was to be a teacher. I relocated and a college buddy of mine was an HR man at Fleet. They had a job for a collections person. I jumped into that job and I’m glad I did, because it’s been a great career for me.
Watch as Jeffrey Davenport, president and CEO of Southbridge Credit Union, on how credit unions are evolving.
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