ST. JOSEPH, Mich. — United Federal Credit Union announced Friday its president/CEO as well as the $1.8 billion institution's board chairman are retiring.
Gary Easterling, UFCU's president/CEO — who has served in those roles since 2007, and has worked in the credit union industry for 32 years — will retire later this year. He will remain at the helm of the CU until a successor has been identified by the board.
"UFCU's board is extremely grateful to Gary for the leadership he has provided to the credit union," said UFCU's vice chairman Mike Hildebrand in a statement. "Under his leadership, the credit union has made great strides in bringing new services to our members and in achieving the kind of growth that will ensure the company's stability and soundness for years to come."
Before joining UFCU, Easterling held senior management positions at Century Federal Credit Union (now a $355 million institution based in Cleveland); and Wright-Patt Credit Union, now a $3.1-billion entity based in Beavercreek, Ohio.
"Succession planning for senior roles here at the credit union is a regular, ongoing activity between our leadership team and our board," Easterling explained. "So, it's not unusual for us at UFCU to know years in advance when someone in a director or officer position might plan to move on. By announcing my plans now, I can give our board the opportunity to seek my successor in a transparent way that provides for the smoothest possible transition."
UFCU also noted that Easterling is a member of the Credit Union Executive Society, Michigan Credit Union League and was recently elected to the NAFCU board of directors. He was also named by the Michigan Credit Union League as its 2015 "Credit Union Professional of the Year."
Hildebrand further said that possible candidates for UFCU's CEO position include both "current employees of UFCU as well as external candidates."
The UFCU board has retained the services of DDJ Myers, a Phoenix-based executive recruitment firm specializing in the credit union industry, to help select a new chief.
Separately, UFCU announced that J.B. Hoyt will retire as its chairman on June 30, after 28 years on the board. Hoyt has transferred his responsibilities as chairman to Hildebrand, UFCU's vice chairman.
"I am honored to assume these responsibilities during this transitional period," Hildebrand said. "I want to extend my thanks to J.B. Hoyt for his nearly three decades of service to UFCU and for the many, many contributions that he made to setting the direction for the credit union."
UFCU indicated during Hoyt's tenure as a director and his nearly six years as chairman, the CU's assets mushroomed from $90 million to more than $1.8 billion today.
Hoyt is a member of the Michigan Credit Union League and a graduate of the Credit Union Executive Society Leadership Institute.
