Everyone’s hearing about how “money is tight” and we’re in the middle of a severe credit crunch. So if you’ve got money to lend, tell the world. It’s a much more effective way to reassure people that you’re safe and sound than simply saying “we’re safe and sound.”

It doesn’t matter if you’ve tightened your lending requirements. So what if you require a minimum 700 credit score now? People will think“You’ve got money to lend, so you’re okay.”

“I actually had people stop me on the street and say, ‘Great ad!’”
– Kevin Jones, President/MidFlorida FCU

MidFlorida FCU bought a full-page ad saying it is still lending money, it is financially sound, and doesn’t need a bailout. They say they’ve gotten more reaction to the ad than any other they’ve ever ran.

You can get tons of good, free press by simply calling the local news media (newspapers, radio, TV stations) and letting them know you’ve got money to lend. They’re eager to run some good, reassuring news:

• Coast banks: ‘We are lending’
• Regional banks say they have money to loan
• Credit unions ready to lend as banks tighten credit
• Credit union says, “We’re still lending!”

This worked back in July (when The Financial Brand first reported about it), and it’s a strategy that’s still working today.

You don’t even have to run an ad. Community Financial Credit Union put the message on their phone system: “Welcome to Community Financial, where we have millions to lend.”

Here are this week’s stories of interest from around the web.
Click hotlinks for the complete story.

Money for Guns: Chase gives away prepaid debit cards for unregistered guns

Credit Score: Consumer Reports’ 12 best and 3 worst credit cards

Duel: Comparing ING vs. E-Trade click-through rates

Essay Contest: Credit union holds $1,500 ‘What Do You Want’ contest

Image Problems: Aussie credit unions in the same situation as U.S. peers

Pedal Pushing: 7.99% bike loans up to $2,500

Q&A Interview: Barclays sees how sponsorships can open doors in the U.S.

More Gas: DFCU-style gas promo from a Montana credit union

Online Media: Citibank’s exclusive sponsorship of popular Aussie website ‘The Fix’

Going Swimmingly: Visa happy with Phelps endorsement

Up for Review: ING’s £4 million direct mail account

Va Va Voom: Female employees pose in bank’s pinup calendar

That’s an Outhouse! But the sign says “Future home of Auburn-U FCU”

Here’s another creative marketing effort from the folks at Arizona State Credit Union. (If you missed The Financial Brand’s previous coverage, check out their LOL Cats poster here.)

With around $100 in supplies, the credit union made this merchandising display to promote its financing for construction projects:

They also made wood blocks that were displayed on desks of member service reps and teller stations:

“Merchandising is a retailer’s tool. Just visit the grocery store or Macy’s. Even Walgreens does it. You just don’t see it in a financial institution.”
– Paul Stull, SVP/Marketing
Arizona State Credit Union

This campaign ran in branches only. No other media was used to support the promotion.

In an interview with The Financial Brand, Paul Stull, SVP/Marketing for Arizona State CU, said, traditional media has its place, “but doing something simple with big impact has more power with members who are right there in front of your sales team. It starts conversations and drives sales.”

“It was fresh, unique and made our point at a low cost,” he added.

Arizona State Credit Union has $1.1 billion in assets.

Bottom Line: The $5,563 campaign helped the bring in $2.3 million in new loans in four months. That’s a return of over 40,000%.

In recognition of the promotion’s phenomenal results, the Credit Union Executive Society bestowed this year’s GMA Golden Shoestring Award to Arizona State CU.

Key Takeaway: You don’t need big bucks to generate big results when you have a good idea.

Paul Economy, that is (yes, that’s his real name). Economy, a VP and manager of a Member One Credit Union branch, is the star in his employer’s latest ad campaign.

“Come see Paul,” the headline on the billboard reads. “He has $50 million to lend.”

This deceptively simple concept may not be the sexiest campaign in the world, but it’s super smart and strategic. In our new, deleveraged economy where lenders are evaporating and capital is tight, Member One looks like the only financial institution out there with money to lend. Meanwhile, everyone else is slugging it out for deposit dollars.

This demonstrates one of the Fundamental Theorems of Branding:

Zig when everyone else zags.

The Roanoke Times reports that the campaign generated “multimillions” in loans in its first month, a dramatic increase from previous months.

“The well’s not running dry.”
– Brad Boothe, AVP/Marketing
Member One Credit Union

The campaign doesn’t specify any particular type of loan. It applies to all loans – auto, personal, mortgage and home equity.

Brad Boothe, AVP/Marketing at Member One Credit Union, said that the credit union is able to run this kind of promotion because it’s not in same the situation as many other lenders with high default rates on loans.

In an interview with The Financial Brand, Boothe said, “We have lent a lot but we still have plenty more. The $50 million was used more for impact than actual money to lend.”

“The well’s not running dry,” he said.

Member One has around $350 million in assets, 56,000 members and 15 branches.

The campaign, including print, radio and in-branch components, will run through August.

:30 Seconds on Paul Economy
- Paul has worked for Member One for 21 years.
- He is 43.
- He is a native of Roanoke, Virginia, where the credit union is based.
- He recently returned from a mission trip to the African nation of Malawi.
- Paul serves as the president of the Roanoke Ballet Theatre Board of Directors.
- He’s a member of the Rotary Club of Roanoke and the Roanoke Regional Chamber of Commerce.

Point Loma Credit Union is planting trees in the name of every member who gets a “green” loan.

The credit union offers two kinds of green loans. One loan gives discounts for vehicles getting at least 32 MPG highway. The green car loans are also available for dual-fuel, electric, ethanol, natural gas and fuel-cell powered vehicles.

The credit union is also approving green personal loans for eco-friendly purchases such as:

• Energy-efficient home upgrades
• Energy Star appliances
• Replacing existing windows with double-glazed, low-emissivity windows
• Installing renewable energy sources like solar panels

For each green loan funded, PLCU will arrange for BeGreenNow.com to plant a tree in the member’s name.

Key Question: How paperless is the loan application and approval process?

Eastern Financial Florida Credit Union ran this promotion back in 2006.

You can click on the image to enlarge. The copy reads:

IS YOUR BANK MAKING YOU SICK?

INTRODUCING BRIGHTER BANKING

EASTERN FINANCIAL Florida Credit Union
www.youcanjoin.com

Bring UNUSED BAGS to one of our conveniently located branches to Get $425 with these valuable coupons. Ask a member service rep for details or visit ww.youcanjoin.com/offer

• $75 - Get $75 when you open an Eastern Financial checking account with monthly direct deposit of $500 or more.
• $200 - Get a $200 rebate on closing costs when you close on an Eastern Financial first mortgage.
• $150 - Receive a $150 rebate when you finance or refinance your auto or boat directly with Eastern Financial.

Note: The URL that appears on the bag does not go to a custom page related to the campaign. It links to a standard “You Can Join” page at the credit union’s website.

This may mean that the credit union is simply using the URL to track the campaign’s effectiveness. They could count each hit to the site then forward people to the main site.

Bottom Line: Not every CEO has the stomach for a barf bag promotion, but the campaign is clever and will likely be remembered by everyone who sees it. The offers are strong enough. The easily-remembered URL “www.youcanjoin.com” works both as a slogan and a web address (it’s much better than www.effcu.org).