COULEE DAM, Wash. – Coulee Dam FCU said David Schmidt, its president and CEO, will retire in December after 35 years with the credit union. Schmidt came to the credit union the day after Labor Day 1972 and was promoted two years later to succeed Byron Edgett, who moved over to and still runs Spokane CU. During Schmidt’s tenure, the credit union’s assets went to $67 million from just $1.2 million.
The $736 million Orange County bank had faced a smattering of enforcement actions over the years, including for concentration risks, governance issues and questionable insider transactions.
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