Verity, Simplicity and other credit unions name new CEOs

Published March 5, 2021 10:28 AM

Updated June 1, 2021 1:15 PM

1 Min Read

In an unusually active week for executive announcements, credit unions across five different states have named new presidents and CEOs. They include longtime veterans of the industry, former bankers and diverse hires.

Read on for more.

Verity Credit Union

Tonita Webb has been named the next president and CEO of Verity Credit Union in Seattle.

She succeeds John Zmolek, who recently announced his plans to retire in April.

Webb joins Verity from Seattle Credit Union, where she spent 15 years, most recently serving as executive vice president and chief operations officer. She will be the first woman to lead Verity and the first BIPOC chief executive there.

"We are thrilled to have Tonita lead us in our mission," Zach Gose, chair of Verity's board of directors, said in a press release. "She has a strong vision for harnessing financial tools, data and technology to enhance the lives of underserved members of our community. Her deep connections in the Puget Sound region and a passion for diversity, equity and inclusion will help Verity further promote vibrant communities."

In addition to her credit union career, Webb has an extensive background working with nonprofits, including serving on boards for the Lupus Foundation of America, SouthEast Effective Development, Pioneer Human Services and more. She has been a board secretary for the African-American Credit Union Coalition and holds several designations from within the industry.

Call report data from the National Credit Union Administration shows Verity earned about $623,000 in 2020, down from nearly $3.6 million the year before due in part to contractions in lending and noninterest income, and a 55% increase in allowance for credit losses.

Safe 1 Credit Union

Safe 1 Credit Union in Bakersfield, Calif., has promoted David King to the role of chief executive officer.

He succeeds President and CEO Doug Kileen, who is retiring.

King, a 25-year credit union industry veteran, has been with Safe 1 for 11 years and most recently served as executive vice president of lending.

“I am truly grateful for the opportunity of continuing the legacy Safe 1 has in helping the communities we serve,” King said in a press release. “Doug has set a high standard for the credit union to follow. He truly represents the class of our organization, and has served as a great mentor to me as well as others in the organization and industry.”

Kileen led the credit union for more than 34 years, advancing it from just $21 million of assets to nearly $800 million today, while expanding its branch network and overseeing the launch of new digital banking technologies.

“Doug Kileen’s leadership to our organization has been invaluable,” said Chairperson Tracy Chitwood. “Not only did Doug lead us from very modest origins to where we are now but, more importantly, has prepared the credit union for future success.”

Safe 1 earned roughly $3.3 million in 2020, less than half of the $7.4 million the company earned the year before, according to NCUA call report data.

GFA Federal Credit Union

GFA Federal Credit Union in Gardner, Mass., has selected Joshua Brier as its next CEO. He will succeed Tina Sbrega, who has led the credit union since 2009 and is set to retire on April 2.

“We are very pleased to have this opportunity to appoint Joshua as president & CEO as we value his contributions to our success,” Gerald Bankowski, chief governance officer on the GFA board of directors, said in a press release. “He has demonstrated his commitment to our mission and core values since joining the GFA and we are confident that he will continue to ensure service to members and community engagement.”

Brier has been with the credit union for over two years as its executive vice president and chief operating officer, and has over 15 years of experience in the banking sector, including serving at Dime Bank and Bank of America.

“To say I am honored is an understatement,” Brier said in the release. “I have spent my career preparing for this opportunity and I am humbled the Board has placed their confidence in me to lead this organization and continue serving the membership and the community.”

GFA expanded its branch network and more than doubled its assets under Sbrega’s leadership, which included the purchase of Monadnock Community Bank in Peterborough, N.H. She formed the credit union’s wholly owned subsidiary, Lighthouse Biz Solutions, LLC, which serves legal cannabis businesses in the state, and Sbrega will retain a leadership role with that organization following her retirement.

NCUA call report data shows the credit union earned nearly $3.4 million last year, 13.6% improvement over its 2019 earnings, thanks to noninterest income growth, reduced expenses and lower charge-offs.

Simplicity Credit Union

Vince Elmhorst

Simplicity Credit Union has promoted Nicholas Faber from chief financial officer to president and CEO, the Marshfield, Wis.-based institution announced this week.

Faber worked in public accounting for 10 years before being chosen to serve as Simplicity’s chief financial officer in 2018. In that role, he led the accounting, compliance and data analytics team.

“This will allow me the opportunity to get to know and work with our members in a new way and I’m really looking forward to that.” Faber said in the release. He began his term as CEO March 1.

Kelly Korth, Simplicity’s chief experience officer, had been serving as interim CEO since early 2020 after former CEO Patricia Wesenberg was granted an extended leave of absence to focus on her health. Wesenberg formally stepped down last year and passed away in February.

Simplicity earned roughly $2 million in 2020, down slightly from the $2.2 million it earned the year before, according to NCUA call report data.

Hopewell Federal Credit Union

Chris Simmons will take the helm at Hopewell FCU in April 2021

James G. Johnson, president and CEO of Hopewell Federal Credit Union in Heath, Ohio, announced his plans to retire at the end of March, capping nearly 25 years of service.

Johnson joined Hopewell’s staff in 1996 and was named president and CEO in 2010. In a press release Monday, the credit union praised his “loyalty and admiration” for the industry, and indicated he will continue to be a part of the organization as a member and an advocate for the cooperative movement.

The board of directors at the $120 million-asset institution has selected Chris Simmons as a successor. Simmons most recently served as vice president of specialized lending at CME Federal Credit Union, and before that worked in consumer lending at Kemba Financial Credit Union.

“I am both humbled and honored for the opportunity to lead Hopewell Federal Credit Union and its tradition of serving the unique needs of our member-owners,” Simmons said in the release. “The decisions that drive me are rooted in continuing Hopewell’s mission to help its members grow financially. I will continue the long tradition that Hopewell has in supporting the communities we have the privilege of serving.”

Hopewell FCU earned about $357,000 last year, down from the nearly $611,000 it earned in 2019, due in part to a slowdown in lending, reduced noninterest income, rising charge-offs and higher expenses, according to call report data from the NCUA.

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