The heartbeat of every community doesn’t echo in glass towers. It pulses on Main Street, inside the bakery that opens before dawn, the HVAC shop that keeps families warm, the manufacturer that has employed neighbors for generations. These aren’t just businesses. They are the anchors of stability, the storytellers of who we are.

Yes, credit unions have grown. Assets swelled, memberships climbed, and on paper, the story looked strong. But too often, that growth came without roots, through the “best rate” model: CD promotions, indirect auto loans, and other transactional wins. Members came in, but too many relationships stopped short of becoming primary, with loyalty fleeting toward the next deal.

The good news is, we are learning. Across the industry, credit unions are shifting from acquisition at all costs to cultivating deeper loyalty. And it’s working. As Callahan & Associates reports, members increased their average balances by 3.2% last year, a sign that deeper engagement, not just new sign-ups, is starting to take hold. Digital tools, smarter onboarding, and a renewed focus on listening are closing the gaps.

And here’s where the next chapter of credit unions will be written. Not in rate sheets. Not in the next CD promotion. But on Main Street itself, through business banking. Because a business member is everyone’s member. Their combined needs touch every corner of our services – mortgages, HELOCs, credit cards, operating accounts, savings, even retirement plans for themselves and their employees. Surround them with trusted advisors, and one relationship quickly becomes many. Their balances grow larger, their impact runs deeper, their lifetime value multiplies.

But progress here is only the beginning. As credit unions set their sights on business banking—80% planning to expand services, according to a recent Jack Henry survey, the temptation to chase transactional wins, a shadow of the past, is strong. Let’s face it, large Investment Real Estate (IRE) loans promise fast asset growth and the potential for hefty deposits. That said, I’ve seen firsthand (on both sides of the banking fence) that it rarely plays out that way.

The lesson is simple: price may attract, but only relationships sustain. If we forget that truth, we risk chasing numbers instead of cultivating relationships with names—the names painted on storefront windows, the names proudly hanging across warehouses and factories that employ our neighbors, the names of those neighbors and their families who live, work, and build their lives in the communities we so proudly call home.

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As credit unions embrace business banking with a heart for community, many find themselves drawn to the allure of ‘Commercial’ lending — investing in multifamily projects, office buildings, or industrial properties, and unintentionally drifting into IRE. These loans have a place, especially when tied to local investors with a track record of making a difference, creating affordable housing, revitalizing once-vibrant areas, or investing with community at heart. My mentor would call those ‘purpose-driven loans.’ But unchecked, they can pull us into transactional lending’s trap, diverting us from our purpose. They often tie up deposits in complex arrangements or require costly reserves. On paper, they grow assets; in practice, they don’t always grow communities.

Here’s where we need to be intentional. “Commercial” can sound impressive but pursuing big deals risks overlooking the entrepreneurs we were created to serve—the employers on Main Street. When we lean too heavily on out-of-market investors or deals passed over by banks (often for good reason), growth may look strong short-term but prove vulnerable.

Edward Filene, the father of the credit union movement, once said: “A business, in order to have the right to succeed, must be of real service to the community.” That’s our mission. But can we really call it service when our dollars flow to distant investors flipping properties for quick returns? That’s a stretch, and every time we make it, we overlook hundreds, if not thousands, of local businesses at our doorstep, the very ones that anchor our neighborhoods, create jobs, and keep our communities thriving.

A few years ago, I inherited a team of lenders who believed the only business worth chasing was IRE. I asked them to try something different: visit ten local businesses who already trusted us in small ways, a car loan, a savings account, maybe a credit card. Buy them coffee. Listen. If nothing came of it, I’d concede their point. (I questioned the bet later, but sometimes a little luck and intuition go a long way.)

One officer, certain our credit union couldn’t match the big banks, set out to prove it—calling on a long-time member, an owner of a regional plumbing company. He expected a polite brush-off. Instead, he found an owner in crisis. Three new contracts had drained reserves. Payroll was looming. He had already cut his own salary. Layoffs were next. And on top of it all, they were paying Netflix documentary level fees for basic banking services.

By working together on a plan, the business freed up nearly $30,000 a year. With those savings, and the support of a working capital loan, they were able to retain their team, hire two additional employees, and launch a marketing campaign that fueled further growth. What was once a company on the brink of shrinking became stronger, ultimately bringing that strength back to the community through new jobs and even a little league sponsorship in an underserved neighborhood.

And here’s the question I put to my team then, and to credit unions now: when was the last time you heard a story like that from a non-recourse IRE deal? You won’t, because those deals serve investors, not communities.

Start with Main Street, Not Manhattan
Leverage IRE strategically as a complement. The better growth is in local employers—plumbers, grocers, coffee shops, manufacturers. They bring deposits, payrolls, and loyalty that lasts.

Lead with the Everyday Account, Not the Loan
Loans alone are a trap. Anchor in checking, accelerated by ACH, merchant services, and payroll. According to the Federal Reserve, 94% of businesses with a primary relationship use a deposit account there. Secure that, and responsible lending follows.

Hire Relationship Builders, Not Just Dealmakers
Avoid staffing up with ex-bankers trained in transactional models. That leads to risky deals without deposits. Instead, hire those with a heart for the community, who can guide owners through seasonality, payroll crunches, and local realities. Trust differentiates us.

Invest in Digital as a Value Driver
The local veterinarian went to school to heal animals, not decode bank statements. Provide simple tools: payroll with a click, seamless invoicing, at-a-glance balances. Digital works best when paired with relationships—tech that makes banking effortless, guided by an advisor who knows their story.

Investment Real Estate has its place, but best played as a complement, not the core. The center of gravity must remain Main Street. Because when we pursue transactions alone, we risk dancing with the shadows of our past, where growth looked impressive on paper but proved fragile in practice. Leaders should ask of every deal: does this create value for the community we serve? If the answer is no, the bravest choice is to walk away. The surest path forward, the one that builds lasting growth and real impact, is doubling down on Main Street, where relationships endure, jobs take root, and communities grow stronger.