A blueprint for branching out: Opening doors in financial deserts
When Christie Smith took over as CEO of Acclaim Federal Credit Union in January 2024, she inherited a credit union with a rich history, a new charter and field of membership, and a growth problem.
“If we’re going to survive, we cannot wait for someone to invite us in. We have to chart our own path,” she says. Her solution? Open a second branch in an area with no financial institution in its zip code.
The plan, now well underway, will bring a full-service branch to Stoneville, NC, in January 2026. The process offers a blueprint for other small credit unions, especially those led by women navigating the unique challenges of leadership at this level.
See the gap. Fill it.
Acclaim FCU had been a SEG-based credit union for over 50 years. But when its main SEG relocated across the country in 2019, growth stalled. The pandemic strained things even further. To stay afloat, and to better serve the surrounding community, the team fought for change. They adjusted their charter and expanded their field of membership to cover three counties with deep financial deserts.
“Those three counties make up a line of low-income designated individuals,” Christie explained. “That’s really what we wanted to do—go into those areas.”
Make your first move
With an updated charter in tow, Christie set out to uncover opportunities for growth in those new counties. She met with small-town economic developers, seeking the wants and needs of those underserved communities.
Her search led to Stoneville, a small town that lost both of its banks during COVID. “People have to leave their zip code to get financial services.”
The town had purchased one of the former bank buildings, but lacked renovation funds. Christie, no stranger to small budgets, got creative. Partnering with the mayor and town administrator, she co-wrote a rural economic grant application through the state of North Carolina.
“I’m proud to say they received $200,000… and they’ve invited us to be their financial services provider.”
Design for the people you serve
This branch isn’t a copy-paste. Acclaim FCU is designing services specifically around Stoneville’s needs. That includes launching business accounts and business lending for the first time. “We identified that if we were going to serve this community well, we needed to open business accounts.”
Christie is also committed to hiring locally. “When Stoneville’s citizens come in, I want them to be able to see the faces of their neighbors. It’s very important to me that they have a connection with the credit union.”
Don’t go it alone
Launching a branch in a financial desert takes more than funding—it takes a network. For Christie, that’s CUWLA.
“Joining CUWLA has been one of the best decisions I’ve made as a new CEO,” Christie says. “Everyone is so open and honest—sharing what they’re going through—and I find myself saying, ‘Me too!’”
CUWLA’s impact goes beyond building resiliency in individual leaders—Christie sees the value at the organizational and industry level. “There are small credit unions I believe have been saved by the advice they’ve been given from all these wonderful CEOs,” she explains. “It’s like a wonderful sisterhood of CEOs that want to help each other survive and thrive. I think it’s a beautiful story of just empowering each other.”
A pilot for the future
The Stoneville branch is a test case for the future. “We want to make this so successful that we can take this same story to other small communities,” Christie explains. The model—expanding into a financial desert with local buy-in, creative funding, and tailored services—is one she believes can work again.
Growth doesn’t have to mean abandoning your roots; it can mean planting them in new soil. The key is knowing your community, building the right relationships, and having the confidence to make strategic moves even when resources are tight.
Christie summarized it all, saying, “It’s a beautiful story of how small communities, credit unions, and the state can work together to bring financial services to the underbanked.”
