D. Hilton Associates Leads Searches for Credit Union CEOs

May 9, 2017 – These are critical days for credit unions. The industry boasts of nearly 6,000 federally insured credit unions in the U.S., with more than $1.2 trillion in assets, according to the National Credit Union Administration. But with the retirement of Baby Boomers, among other factors, the cooperatives are facing the loss of more than 4,000 chief executive officers and senior managers over the next five years. This means that leadership development, succession planning and employee retention are more important than ever.

Most recently, the Congressional Federal Credit Union in Oakton, VA, and Southern Mass Credit Union of Fairhaven, MA, turned to executive search firm D. Hilton Associates to find new chief executive officers.

Congressional Federal Credit Union

The incoming CEO for this cooperative, which serves workers on Capitol Hill, will be responsible for establishing and executing the strategic goals and objectives of the credit union. This executive will foster a culture of proactive service and innovation driven by member value, while promoting revenue, profitability and organizational growth.

Working with the board of directors, this individual will oversee all credit union activities. The ideal candidate must have excellent communication skills and be prepared to interact with the community, members of Congress, and business leaders. Ten to 15 years of progressive senior leadership experience in a financial services organization is required.

Congressional Federal Credit Union was started by eight Congressional employees in 1953, with just $40 in deposits. Today it has 47,000 members with over $900 million in assets.

Southern Mass Credit Union

Reporting to the board of directors, this executive will provide day-to-day direction of the overall operations of Southern Mass Credit Union. The individual will be charged with achieving goals and objectives for the short and long term financial health of the credit union while providing exceptional member service. This executive will foster a culture driven by member value and community development that ensures the vision and mission for a member-owned community credit union.

The ideal candidate must possess exceptional team building and interpersonal skills with a proven track record of success in management experience in a financial services or credit union setting. A minimum of 10 years of financial institution experience with a strong accounting and finance background desired, and a CPA is preferred.

With assets of more than $205 million, Southern Mass Credit Union serves upwards of 14,500 members. This community-based credit union, with more than 90 years in business, offers a wide range of financial products for its members.

Credit Unions Witnessing Growth

Founded in 1985, D. Hilton Associates specializes in the credit union industry. Over the past several months, the firm has recruited new CEOs for Greylock Federal Credit Union, First Financial Federal Credit Union of Maryland, Cascade Community Credit Union in Roseburg, OR and the ORNL Federal Credit Union in Oak Ridge, TN. The firm has also recently filled marketing positions for Cascade Community Credit Union, Langley Federal Credit Union and Sharon Credit Union.

“As the credit union industry continues to evolve in complexity and sophistication, the need for strategically placed business partners who can provide counsel on compensation, board governance and talent acquisition has never been more important,” said Mike Juratovac, sector leader of credit union and community banking in Korn Ferry Futurestep’s North America financial services practice. The industry as a whole, he said, has become increasingly reliant on talent consulting services, including talent acquisition, workforce planning and employee development.

“We see enormous potential in this sector, as the popularity of credit unions is skyrocketing among consumers as they typically offer lower fees and better returns,” said Eric Goldstein, global market leader, Korn Ferry Futurestep financial services. “Additionally, following the 2008 financial crisis, many U.S. consumers moved their savings from large banks to credit unions and community banks.”

Turning to Search Firms to Find Talent

Credit Unions have been coming to executive search firms in droves to fill senior leadership roles. Here’s a look at a few recent assignments taken from the Hunt Scanlon Media archives.

Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media

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