DUBUQUE, Iowa-After more than 47 years of service to the members of Dupaco Community Credit Union, Bob Hoefer will retire as president/CEO on Feb. 12.
COO Joe Hearn has been named to succeed Hoefer as CEO. Hoefer joined what was then Dupaco Employees Credit Union in 1964 as a full-time computer programmer when it had one branch, 4,600 members and $3.4 million in assets.
Hoefer became president and CEO in 1971, and during his career has overseen growth to 12 branches, 63,000 members and more than $955 million in assets. During his career he was active in his local community and in state and national credit union organizations, and was named to CUES Hall of Fame in 2005. Below, Hoefer shares his thoughts in this Credit Union Journal Exit Interview.
CU Journal: How did you come to be involved in credit unions?
Hoefer: My first job out of school was military service, where I spent nine years in the Army Reserve. I went to school to become a computer programmer.
I wasn't familiar with credit unions, but Dupaco hired me part-time to move the credit union from a one-account passbook statement system to a computerized system with monthly statements offering multiple savings and loan opportunities and, most importantly, payroll deduction processing. Dupaco was among one of the first credit unions on an IBM 80-column card system.
The desire of Dupaco to computerize afforded me a full-time opportunity, and I was hired as full-time person to operate and program the computer. My job responsibilities increased as the credit union's computer programming needs grew. This opportunity resulted in a lifetime of work.
CUJ: What have you found to be the most successful driver of growth while at Dupaco?
Hoefer: The most successful driver of Dupaco growth remains highly motivated staff. Training is very important. The members also must understand that the credit union is available for them whenever they need it. This was exemplified when our single-sponsor packing company closed in the early 1980s. Dupaco helped members through a tough time.
We have a unified vision at Dupaco. This includes everyone from the board down to the front-line staff. We are not order-takers. Everyone is making a commitment to the vision of being our members' lifetime financial home. At every touch point, we strive to meet needs and exceed expectations. Again, the key is training. Leadership keeps everyone aligned.
I think the credit union excels at looking beyond what the member is asking for. We've slowed down everyday interactions. We ask the member how can we make a bigger impact. It's meeting the member's request and taking it to the next level. It becomes a self-propagating success. Our employees possess a genuine desire to help people and Dupaco allows them to do that. Again, this takes an investment in training, training and more training.
CUJ: What is the biggest challenge/lessons learned in managing that growth?
Hoefer: Credit union executives also must consistently look to hire, educate, motivate talented individuals and use or obtain the latest technology to create efficiencies. So, early on I learned to always look for more out of systems and staff. Continue to invest in people and the IT system. At Dupaco, we find the use of technology allows us to spend more time, effort and understanding-and ultimately serving-the members.
CUJ: What advice would you have for a new CEO starting out both in managing a credit union and managing people?
Hoefer: I don't think success is derived from one thing, but rather consistent attention to many small things. Here's a short list:
• Appreciate your volunteers and staff.
• Always do what's best for the members.
• Build a team with a strong work ethic that believes in the culture and mission and takes ownership.
• Lead by example.
• Appreciate the opportunities and realize that giving back to the community and political involvement is a major responsibility of leadership.
• Hire to compensate for your weaknesses and encourage employees to own the moment.
• Participate in national meetings, networking opportunities. Glean ideas and bring them back to the credit union. A good idea is not worth anything unless it's implemented and executed successfully.
CUJ: What is your view on the future of credit unions, if there is to be one?
Hoefer: I see continued success of credit unions, but not without definite challenges to the model. We must seek increased credit union collaboration and cooperation in any area we can. Credit unions must innovate and employ new products and services, as well as uncover new efficiencies to drive down our costs. We must continue to tell our story and demonstrate our positive impact on members and society. Lawmakers must understand this. We must remain relevant to our members and demonstrate that relevancy every day. This will be the key to helping ensure the future success of credit unions.
