December 1, 2016 – Executive recruiters Credit Union Resources has been retained by WyHy Federal Credit Union in Cheyenne, WY, to lead its search for a chief lending officer. The assignment is being led by Marcus Cotton, vice president of executive recruiting.
The incoming chief lending officer will be responsible for developing and implementing strategic plans for the credit union and will prepare and implement an overall plan for the organization’s consumer, mortgage, and small business lending areas. The chosen chief will likely have experience in loan administration, portfolio management, and risk management.
WyHy FCU’s executive team has expressed the need for a thorough nationwide search. It chose Credit Union Resources based on the search firm’s expertise within the financial services industry and specifically its work in the credit union marketplace. With two branches in Cheyenne and Casper, WyHy FCU has nearly $215 million in assets and serves more than 13,800 members. It has been operating since 1953.
Credit Union Resources is the executive search division of the Cornerstone Credit Union League, a regional trade association representing the interests of credit unions. Mr. Cotton joined the company in 2014, when he was brought in to develop and launch the practice. He overseas executive searches ranging from senior management to president and CEO.
Credit Unions Witnessing Growth
According to the National Credit Union Administration, there are nearly 6,000 federally insured credit unions in the U.S., with more than $1.2 trillion in assets.
According to research from credit union specialist recruiters D. Hilton Associates, more than 4,000 of the credit union industry’s CEOs and senior managers have left or will be leaving the workforce in the next five years. Therefore, according to one of the firm’s most recent reports, leadership development, succession planning and employee retention have never been more critical than now.
In response, rival Korn Ferry’s Futurestep division established a dedicated credit union and community banking recruiting practice area recently and named Mike Juratovac as sector leader. Mr. Juratovac brings with him more than 20 years of financial services executive search and consulting experience, with a specific focus on credit unions and community banks, in particular. Previously, he served as CEO of O’Rourke & Associates. As part of its rollout, Futurestep has also added Mary Leonardi as a managing consultant in its new credit union and community banking practice.
“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 Mr. Juratovac. 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 for this practice, 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
- McDermott & Bull recruited Val Scott as chief technology and innovation officer to Golden 1 Credit Union, the nation’s sixth largest Credit Union with $10 billion in assets. The search was led by Brandon Biegenzahn, co-chair of the firm’s financial institutions practice, along with associate consultant Michelle Davis. A few months ago, McDermott & Bull also placed George Myers as chief human resources officer (CHRO) with Golden 1. The search was also led by the same McDermott & Bull team.
- O’Rourke and Associates placed Brad Douglas as chief executive officer of the Heartland Credit Union Association (HCUA). HCUA is the result of the consolidation of the Kansas Credit Union Association and the Missouri Credit Union Association.
- D. Hilton Associates tapped Tracy McCord as VP of marketing at East Idaho Credit Union. East Idaho Credit Union was founded in 1935 under the name Idaho Falls U.S. Government Employees Federal Credit Union. Today, it remains one of the oldest Credit Unions in Eastern Idaho and operates under both a community charter and an expanded charter based on occupation.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media