SAN ANTONIO-David Keller, vice president of Greater TEXAS FCU the past five years after heading two credit unions, has retired after 43 years with credit unions. Keller was CEO of Handy Andy FCU and Texas Transportation FCU until Texas Transportation was merged into Greater TEXAS FCU in 2008.
He may be best known for being co-founder and past chairman of Credit Unions for Kids, a national nonprofit fundraising effort for 170 children's charity hospitals. Locally, the 28-year-old charity has raised more than $6.5 million for the Children's Hospital of San Antonio. Below Keller shares his thoughts in this Credit Union Journal Exit Interview.
CUJ: How did you come to be involved in credit unions?
Keller: My credit union adventure started 43 years ago; I was 22, two months out of college, and married one month. In August 1970 I was employed as a night manager of a retail store for a local grocery chain that I had been working for six years through high school and college. I was offered this life-changing opportunity to take over and manage their employees' federal credit union with assets of $200,000. The Handy Andy Employees FCU, chartered in 1937, was the seventh oldest in San Antonio with 2,000 members. That year would also bring the dawn of credit unions we know today. Credit union regulatory oversight was passed over to the newly formed NCUA and share insurance protection was introduced for depositors. Times were simple; fancy things were CDs, mortgage loans were seven years away, and offering checking accounts was just a dream. It was a time where credit union employees knew every member and all decisions were made for the benefit of these members/owners.
CUJ: You were president/CEO of two smaller CUs, one of which was absorbed via a merger. Can smaller CUs remain viable?
Keller: The past would tell us the time of small credit unions is coming to a close. Regulatory compliance, high technology and compensation expenses make smaller institutions unable to operate profitably in today's competitive environment. As undivided earnings and long-standing capital reserves are depleted, mergers and liquidations seem inevitable. I envision the only future for small credit unions may be in small rural towns operating in noncompetitive environments or those few that remain solvent through a benevolent sponsor serving a limited field of membership.
CUJ: What lessons were learned in guiding members through a merger?
Keller: Over my career I have on four occasions stood in the positions of both the merging and the continuing credit union. One message I have learned and would like to share with this process is the importance of recognizing and respecting the smaller, merging credit union. Many of these institutions have a rich and very proud history of serving and caring for their loyal members. To ensure a smooth transition that is welcomed by these faithful members there must be extra efforts directed to preserving and recognizing their credit union's antiquity and uniqueness. Finding ways to visibly retain and distinguish their honored past will build support and continue loyalty.
CUJ: What lessons have you learned about managing people during your career?
Keller: The most important and precious asset a credit union has is its employees. Staff must be chosen first and foremost for their caring personality and their enthusiasm towards serving their members/owners. A credit union manned with this personality style is assured success. Constantly recognizing their individual and join contributions to your credit union increases their commitment to the team and to their members. Treating them with dignity and a high level of recognition builds pride, loyalty and provides boundless job satisfaction.
CUJ: What is your view on the future of credit unions, if there is to be one?
Keller: Looking back over my 43 year adventure I once felt I had worked during the golden years of credit unions. I have come to realize it was really the Bronze Age and the best is yet to come. As we celebrate and savor the wonderful things credit unions have done in our communities we are reminded that truly improving and enriching the lives of our members is what we were chartered to do and this principal will remain our mission in the years ahead.
