SYLVANIA, Ohio -
"I think I have accomplished a lot," he said of his career that began in 1973. "I will be 65 years old... It's time."
His history with TACCU, formerly St. Clement Credit Union, was long. His father, L.J. McGrady, co-founded the credit union in 1953. Pat McGrady was one of the original 123 members.
The younger McGrady served on the board of what was then a $1.9-million single-sponsor parish CU. Under his leadership, it became TACCU and has grown into a $340-million full-service financial institution.
As McGrady was preparing for the transition, he took time out to share thoughts on his career with the Credit Union Journal.
CUJ: What will you miss most about your career?
McGrady: Probably the people. I've served on three national boards-CUES, CUNA and Card Services-and I really enjoyed working with and meeting all those folks. Of course, I will also miss the members, the staff and the board of TACCU.
CUJ: What will you miss the least?
McGrady: I can say it in one word-politics. And not just here at TACCU, but in credit union land in general. I would rather not go into specifics, but I know that people all over the country know what I mean.
CUJ: How did you get your start in the industry?
McGrady: I was an associate professor teaching supermarket management at a local community college when I was first asked to serve on the board [the previous CEO then died suddenly]. It's one of those career opportunities that just wouldn't happen today...We went from hand-posting to in-house computers. It was a stressful time for me...I went to an operations conference to meet people and ask questions. I feel that the networking was the answer.
CUJ: What are you most proud of?
McGrady: I've got five answers: I took a $1.9-million plain-vanilla credit union to a full service $340-million CU; the development of the management team concept; the accompanying succession plan; I felt comfortable and proud to be elected to three national, credit union-related boards, and I was the founder of two CUSOs-one for data processing and the other for ATM deployment.
CUJ: How will you be remembered?
McGrady: I would like people to think I kept our credit union board aware of current trends, which allowed us to bring new services to our members...At times, we were leading other credit unions in the area. If there was a product or service out there, we got into it as quickly as we could. I would like to be remembered as someone who made it in the credit union world.
CUJ: How has the industry changed for the good and the bad?
McGrady: I suppose any word you put down could be good or bad, The competition is definitely out there, not only with other financial services companies but also within the CU movement. The second thing is consolidation, which continues and probably will continue into the future. Basically, one credit union a day is leaving the industry.
CUJ: How have you changed?
McGrady: I became more educated about the credit union industry. When I started, I had an MBA and was teaching supermarket management. I felt that continued education to keep up with what was going on was very important.
CUJ: How have your league and other trade associations assisted you through the years?
McGrady: Basically, I've had a great relationship with the (Ohio) league and (CEO) Paul Mercer, specifically. While I was never on a league board because I was on the CUNA board, Paul asked me to participate with league matters and I did. I am proud to say that I was voted CU Professional of the year by the Ohio Credit Union League in 2000.
CUJ: What is your management style and how has it helped you accomplish your goals?
McGrady: My philosophy is to let the management team do their thing in the day-to-day operation. I felt my role was the big picture, not so much where we are today but where we are going and where we should be going.
CUJ: How do you feel about mergers?
McGrady: It is a trend that I already mentioned-one credit union a day is merging. In fact, we are going to do two more yet this year. Perhaps it is inevitable. The situation is one credit union at a time that has to make that decision.
CUJ: That said, what's in store for small credit unions?
McGrady: If they are offering the services members want and need-whether they be a parish, a community or a manufacturing based credit union-then can survive. I would suggest that it's not the size necessarily but the services they offer. I think there's another important part to this. How many credit unions are forming today? What we did (going from a single-sponsor CU to a community charter) I can't say would work again.
CUJ: What about the large CUs?
McGrady: I think large CU still have to serve their members and can't necessarily rest on their laurels. While there is still a need for continued growth, they have to be true and relevant to the members. If they aren't relevant, they too, will be looking for mergers. They need to ask themselves-Do your members enjoy doing business with you? Are you offering the services they want? Are you charging less on loans and paying more on dividends? Is your ATM network convenient?
Credit unions really don't have the large budgets that banks have so they have to rely on member satisfaction.
CUJ: What qualities will the industry's future leaders need to possess?
McGrady: I think continuing to be educated is key...and participating in knowledge-based organizations outside their own credit union...One of the things I've struggled with is the ability to network verbally. I review my e-mails and respond but it's just not the same as sitting down with somebody one on one. I think a lot is missed when you can see the person.
CUJ: What awaits you upon retirement?
McGrady: I will take a few months, recharge my batteries and decide what's next. I don't have to work if I choose not to, but I don't feel tired. I just need to take time off and go to an island and think about some things.
CUJ: Any parting words for your professional peers?
McGrady: Take time to smell the roses. Life is too short. Two folks that I have known for a number of years-both in their 50s-passed away in recent months. If you have the opportunity, do things that are not always career-related."
