Credit Union Resources Recruits Richfield-Bloomington CEO
February 17, 2017 – Executive search firm Credit Union Resources has placed Gregory Worthen as chief executive officer of the Richfield-Bloomington Credit Union (RBCU) 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.
Mr. Worthen comes to RBCU from 1st MidAmerica Credit Union in Bethalto, IL, where he served as senior vice president and chief operating officer. He was responsible there for planning, directing, organizing, and controlling the activities of the credit union’s branch operations, call center, insurance, electronic services, and investment services departments. He also served as the legislative liaison for the credit union on all state and federal credit union matters.
Prior to that, he was VP of strategic operations at 1st MidAmerica Credit Union. He also spent eight years as the VP of lending for 1st MidAmerica, managing the mortgage, indirect, consumer, collections, and commercial lending areas at the institution. He sits on the board of directors for the Illinois Credit Union Foundation and serves as the fundraising chairman and past chairman for the George G. Burnett Chapter of Credit Unions.
Credit Union Resources is the executive search division of the Cornerstone Credit Union League, a regional trade association representing the interests of credit unions. Marcus Cotton, vice president of executive recruiting, leads the firm, which he joined in 2014 when he was brought in to develop and launch its recruiting practice. He now overseas executive search assignments ranging from senior management roles to president and CEO positions.
Just recently, Credit Union Resources was retained by WyHy Federal Credit Union in Cheyenne, WY, to lead its search for a chief lending officer. The assignment is being led by Mr. Cotton. It chose Credit Union Resources, it said, 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 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.
Interestingly, research from credit union specialist recruiters, D. Hilton Associates, shows 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.
“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 archives.
- 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
