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 Union Resources placed Gregory Worthen as CEO of the Richfield-Bloomington Credit Union in Houston. Mr. Worthen’s 20-plus years of bank and credit union experience, and over 15 years of senior management experience, is expected to be a valuable asset to the executive team at the $270 million dollar credit union.
- 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 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