Credit union changes business model in ‘banking revolution’

“natural sound” the ad isn’t pushing for a government overthrow. it’s promoting a “revolution” in banking. w told you friday on good morning el paso that evolve federal credit union is behind this ad campaign. i sat down with the c-e-o to talk about the changes to the credit union — that are a first in the city. the story is new this morning: nats: new ad “for far too long .. making money.” steph: this is the new ad by evolve federal credit union that began airing today — promoting the move by the f-c-u to pay its members annually for doing business with them. nats new ad ceo ken walters said — this is something not being done by any el paso financial institution. 2.05 happy and proud to say that we paid out $2 million back to our membership in the form of a patronage dividend. 2.12 more than 9- thousand members received anywhere from 10-bucks to 3- thousand dollars. the new business model — in the works for five years — launched this month. it’s getting away from branches and in-person transactions. 1.34 “as we started the path toward more electronic delivery, we started seeing fewer people going into branches, higher operating costs generated for those transactions. and we felt that it was time to flip the switch.” 1.50 steph: “what comes with th change is closing down branches. ceo ken walters told me they’re trying to trim down to only 4-5 from the 8 they currently have. and that also means cutting the number of employees.” more than two dozen people were let go. but walters believes it was necessary. 5.22 “we felt fo the future, this direction was what we wanted to do to be around for the next 79 years.” 5.28 evolve also hopes to continue paying out dividends to members annually — and not let this be a one-time occurrence.