October 1, 2020 – These are critical days for credit unions. The U.S. has nearly 6,000 of them, with more than $1.2 trillion in assets, according to the National Credit Union Administration. But with the steady retirement of Baby Boomers, among other factors, the cooperatives are facing the loss of more than 4,000 CEOs and senior managers over the next five years.
This means that leadership development, succession planning and employee retention are more important than ever. Recently, Cornerstone Resources was selected to conduct a search for the next chief financial officer at Border Federal Credit Union in Del Rio, TX. Marcus Cotton, executive search vice president, is leading the assignment.
As the chief financial officer, this executive will be responsible for the well-being of the credit union by providing financial projections and accounting services, preparing growth plans and directing staff. The position requires an individual with a history of financial planning and strategy skills.
Border Federal Credit Union, with $194 million in assets, serves more than 25,000 members through its branch locations in Crockett, Terrell, Val Verde, Sutton, Edwards, Real, Kinney, Uvalde, Maverick, Zavala, Dimmit, Frio and La Salle counties. Since 1987, the credit union has provided its members with diverse, competitive and progressive financial services.
Cornerstone Resources is the executive search division of the Cornerstone Credit Union League, a regional trade association representing credit unions. Mr. Cotton leads the firm, which he joined in 2014, when he was brought in to develop and launch the organization’s recruiting practice. He oversees executive search assignments ranging from senior management roles to president and CEO positions.
Credit Unions Witnessing Growth
“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 Korn Ferry. “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
Major, Lindsey & Africa (MLA) has placed Rod Boddie as general counsel for Congressional Federal Credit Union in Oakton, VA. The assignment was led by Deborah Ben-Canaan, partner and senior practice leader; Christie Babinski, director; and Kimberly Hulsey, director, of MLA’s in-house counsel recruiting group in Washington, D.C. For over 65 years, Congressional Federal Credit Union has grown into a full-service financial institution with more than $1 billion in assets and 47,000 members across the country and around the world.
Providence, RI-headquartered KLR Executive Search Group has assisted Harvard University Employees Credit Union (HUECU) in the recruitment of Craig Leonard as its new president and CEO. Gene Foley, who has been with the credit union for four decades and led it for 25 years, is retiring in July. Partner Susan Pardus led the assignment for the recruitment firm. Founded in 1939, Harvard University Employees Credit Union is an $800 million credit union serving over 51,000 members from Harvard University and affiliated organizations.
Korn Ferry was called in by Municipal Credit Union in New York City to lead in its search for a new CHRO. This key position on the executive team will play a critical role in rebuilding a landmark financial resource for the members and the community, the search firm said. Municipal is the largest credit union in the New York metro area at over $3 billion in assets, 16 branches and with over 500,000 members. The credit union was founded in 1916 initially for municipal workers in New York City.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media