Ravalli County FCU is a $75 million credit union with its main office in Hamilton, Mt.
It is an organization led by three women who believe and daily implement the credit union spirit. It is the same commitment memorialized in the Christmas classic movie, It’s a Wonderful Life.
With 17 employees and 5,924 members out of a county population of 48,000, its focus is lifting up the entire community. Their mission statement:
We Believe in Our Community!
At Ravalli County Credit Union, we believe in “People Helping People”, we believe in better banking, and we believe in creating beneficial, life-long, financial relationships for our members and community. As a credit union member, you can take pride in knowing you are part of something bigger. Throughout the year, Ravalli County Credit Union volunteers, sponsors, and donates to local non-profits and schools to enrich the lives of those in our community.
Examples of this commitment on its website are the Thanksgiving meals provided, scholarships awarded, completed VITA tax returns and the volunteer hours by employees and the organizations they support.
It’s $53 million loan portfolio is growing over 8% this year. The delinquency rate is just .06% with net recoveries of $117,710. Capital is 12.8%.
A Community Need
What caught my attention was a December 2, 2024 article in Next City by Connie Aitcheson, In One Montana Town, Women in Need Get New Financial Support.
The article describes the credit union’s initiative helping single mothers and working women in poverty to improve their opportunities.
The need: “There are so many women in our area living at the poverty level,” says Darci Parsons, the president and CEO of a local credit union called Ravalli County Credit Union (RCCU). Some of the reasons for the large amount of women living at the poverty level are the death of a spouse, divorce, unplanned children, domestic violence and the high cost of housing in the area.
For single mothers in the area, poverty rates jump to 49%, also according to the American Community Survey 2019. In Hamilton, the largest city in Ravalli County, a staggering 83% of single mothers are in poverty and earn 75% less than married couples with children — an average of $18,074 vs. $71,429. About 30% of RCCU’s clients are female-headed households, and their median earnings are 20% less than men.
The article summarizes the recent demographic changes occurring in the county:
Their community of Ravalli County is experiencing a tension familiar to many metro areas across the country. A new wave of retirees and remote workers — in part sparked by COVID-19 — have moved into Montana, increasing both housing costs and the general cost of living. The median price for a home in the county, according to Realtor.com, has risen to nearly $770,000.
The good news is that the credit union has received a $560,000 grant from the US Treasury’s CDFI fund to underwrite this effort.
“There are a lot of people who move to our area with means,” Parsons says. “And, unfortunately, there’s a lot of people in our area who are underserved, who are struggling to make ends meet. Our job is to have that balancing act of where we’re serving new members who move into our area who have funds as well as the large population of people in our area who do not — primarily women.”
How the CDFI grant will be used: “We can write loans for people who are maybe more credit challenged … or who might have collections.”
The credit union also offers an account that protects against overdraft fees and offers a $500 line of credit — regardless of someone’s credit score. They also do not perform background checks on any applicants. “If they’ve had problems at other financial institutions, they can still open a checking account with us,” Parsons says. “We can write loans for people who are maybe more credit challenged … or who might have collections.”
According to Parsons, many women “don’t have that confidence in themselves.”
“As a credit union, our mission is helping people, and that’s what we do every day,” Parsons says. “I have an amazing staff who embody that and make a difference in the lives of our community.”
The angels from George Bailey’s story can now be found, collectively leading a Montana cooperative.
Darci Parsons, Ravalli County FCU – CEO
Why Ravalli County FCU? The better question is WHY NOT Ravalli County FCU? Our philosophy is all about people helping people and our promise to you is to: simplify your financial life, work in your best interest and partner with you to achieve financial success. We get it.
Sirikit Vieyra, Ravalli County FCU – COO
Ravalli County FCU has served this amazing community for 66+ years and is going strong! We even added another branch in Florence, MT. It is a privilege working for you and with you and as we update and increase our services, I’ll always strive to meet your financial needs and goals. We get it.
Laci Rose, Ravalli County FCU – CFO
At Ravalli County FCU we ARE people helping people. I love that we are constantly working to improve technology and increase services to better serve our members with all their financial needs. We get it.