Dion Williams, President & CEO, Piedmont Advantage Credit Union

In an interview with Invest:, Dion Williams, president and CEO of Piedmont Advantage Credit Union, discussed the institution’s 75th anniversary, its evolution from Piedmont Aviation, and its community initiatives, notably in offering financial literacy and helping residents overcoming financial hardship.

What have been some of the key milestones and achievements for the credit union over the past year?

This year marks our 75th anniversary, which is a significant milestone for us. Piedmont Advantage Credit Union originated from Piedmont Aviation and Piedmont Airlines, founded by Tom Davis, who also started the credit union. This year has been a celebration of our history and the challenges we’ve overcome in both the economy and the world around us. As we celebrate, we are also laying the groundwork for the next 75 years.

In light of the economic climate, how has the credit union adjusted its financial products to better meet the needs of its members?

To illustrate how we’ve adapted, let me go back to the pandemic period. At that time, we did not have a business loan portfolio, but we saw a need among our members, particularly small business owners who were overlooked by banks focusing on larger clients. In response, we established a Paycheck Protection Program (PPP) loan forgiveness program with the Small Business Administration (SBA) and managed to set it up in just a few weeks, assisting over 50 members with more than $1.5 million in loans.

Fast forward to this year, with the challenging economic conditions of high inflation and rising interest rates, it has been very competitive for deposits. We introduced certificate specials to offer our members a beneficial rate of return, helping them capitalize on the current environment. Simultaneously, we recognize that many members still have needs for car loans, home loans, and personal loans. We are committed to meeting these borrowing needs and ensuring our members can navigate these times effectively.

How is Piedmont Advantage Credit Union leveraging technology?

Recently, we’ve been focused on enhancing our technological infrastructure to better serve our members. For example, we conducted a mock conversion in preparation for upgrading our core banking system, which is essential for supporting all our member products and services. By June, we will go live with a new system that enhances our API capabilities, significantly expanding our digital banking services across online and mobile platforms. Over the past couple of years, we’ve also upgraded our loan origination system and introduced some auto-decisioning features to streamline processes.

Despite these technological advances, we remain committed to maintaining the personal connections that define us as a credit union. We are exploring AI capabilities within our Member Relationship Team to enhance fraud detection and improve the member verification process. However, we are mindful to balance this with the human interaction our members value, especially during significant life events like buying a car, purchasing a home, or planning for retirement.

For instance, when conducting transactions as personal and impactful as these, our members must have someone they can talk to, someone who understands their unique circumstances. This is where our commitment to personal service comes into play. Additionally, our annual Day of Service is a reminder that while technology can enhance efficiency, it cannot replace the human empathy and connection that are vital to community engagement and support.

Although we may not have the same technology budget as larger banks, our strength lies in our ability to provide both technological convenience and a personal touch. 

How do you perceive the role of credit unions in the financial stability of communities, especially in uncertain times?

Credit unions play a critical role in enhancing the financial stability of communities, particularly during uncertain times. We take pride in our proactive community involvement, notably through the PACU Foundation, which we established in 2020 during the pandemic. Since its inception, we have raised and distributed $69,000 to help residents overcome financial hardship.

Moreover, we recognize the importance of equipping our branch leadership and other member-supporting staff members with the training and experience to provide our members with quality one-on-one guidance when needed to address financial challenges or capitalize on financial opportunities. We employ over a dozen certified financial counselors among our staff of nearly 100 employees.

What strategies do you have in place to improve financial literacy among your members?

We offer a variety of tools and resources to enhance financial literacy among our members. These include relationships with school systems and community-based organizations, webinars, and self-service web-based tools that members can use independently to educate themselves on financial basics; however, we also encourage more personalized interactions. Members are welcome to engage in phone consultations or in-person meetings with our team members, who can guide budgeting and goal setting.

The consumer culture often encourages spending without considering long-term financial goals, which is where we step in to offer a different perspective. For instance, we help members analyze whether a high monthly car payment makes sense for them, or if they could be more financially prudent by choosing a less expensive option and redirecting the savings toward other financial goals like retirement or education savings. This hands-on approach helps align our members’ actions with their stated goals by providing a clear understanding of their income, expenses, and what is feasible within their budgets to achieve their desired outcomes.

What unique characteristics make Charlotte a great place to conduct business?

Charlotte’s dynamic growth, particularly in the aviation sector, makes it an excellent place for business, especially from our perspective at the credit union, which originated from Piedmont Aviation and Piedmont Airlines. Approximately 25% of our membership, which totals over 30,000, still has ties to the aviation industry. This close connection influences our strong presence in the area, particularly around Charlotte Douglas International Airport.

We’re not only excited about the airport’s growth but also about the future expansion plans, including retail growth around the airport. Our presence isn’t limited to just inside the airport; we also have significant involvement just outside it. Additionally, the aviation industry is booming in the Triad area — Greensboro and Winston-Salem — which, although slightly outside the Charlotte market, adds to the state’s overall growth in this sector. This synergy makes our credit union a natural fit for supporting the aviation industry and its workers across North Carolina.

How do you envision the future of banking and credit unions over the next few years?

I firmly believe that physical branches will continue to exist but will evolve in their format and function. At Piedmont Advantage Credit Union, we foresee a transition to smaller, more technology-integrated branches, typically ranging from 1,500 to 2,000 square feet. This downsizing from the traditional 5,000 square feet allows us to distribute our services more broadly across multiple locations, enhancing accessibility for our members while maintaining a strong online and physical presence.

The competitive landscape in banking is certainly changing, with fintech and insurance companies becoming more prominent alongside traditional banks and credit unions. However, credit unions remain vital for serving the middle of America. While some credit unions have grown quite large and diversified, we are content to remain a midsized entity focused on making a meaningful impact within our community. We aim to leverage our relationships and service delivery model to significantly benefit our members without overextending beyond our core competencies. This approach ensures we remain true to our mission and continue to effectively serve our members’ needs.