March 19, 2018 – 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 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.
“Sean brings a wealth of experience to the table and we are looking forward to the continued growth and success of the credit union under his leadership,” said James Kaelin, chairman of the board of directors. Mr. Kaelin also commended longtime CFO Tony Caccese, who served as interim CEO during the past year. “His outstanding management of CFCU during this time ensured the services to our members continued uninterrupted,” said Mr. Kaelin.
CFCU wanted a leader with excellent communication skills. The individual had to be capable of interacting with the community, members of Congress and business leaders. Ten to 15 years of progressive senior leadership experience in a financial services organization was also required.
McDermott & Bull taps CCO for Technology Credit Union
McDermott & Bull placed Mike Floyd as executive vice president, chief credit officer with Technology Credit Union. Conducting the search was Brandon Biegenzahn, president of the Irvine, CA-based search firm; Michelle Davis; Shree Thakarar; and Laurie Henderson.
Mr. Zimmermann fit the bill. He brings over 25 years of credit union and finance experience to his new job. He comes to CFCU from Bank-Fund Staff Federal Credit Union, where he served as CFO for two years. He previously worked for Tower Federal Credit Union for more than 20 years in a number of positions, including vice president of finance and senior vice president of operations and technology. Prior to this, he held positions at Republic Bancorp, Westinghouse Electric Corp. and Legg Mason Wood Walker.
In his new role, Mr. Zimmermann is charged with helping the credit union foster a culture of proactive service and innovation driven by member value, while promoting revenue, profitability and organizational growth.
CFCU was started by eight congressional employees in 1953, with just $40 in deposits. Today it has 47,000 members and over $900 million in assets. Its mission has always been to help the people that serve on Capitol Hill achieve their financial goals by offering a wide range of financial services to their 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.
Russell Reynolds Associates Leading CEO Search for State Employees Credit Union
$3.3 billion-asset State Employees Credit Union (SECU) of Maryland has enlisted Russell Reynolds Associates to help replace CEO Rod Staatz, who is retiring at the end of the year after 15 years serving in the organization’s top post.
“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.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media