MOLINE, Ill. DHCU Community CU, formerly known as Deere Harvester CU, on Wednesday said its CEO of 37 years, Terry Brahm, is retiring next year and will be succeeded by Matt McCombs, chief operations officer for the $475-million credit union.
The naming of an heir apparent as long as a year before a CEO’s retirement is becoming more commonplace in credit unions as part of succession planning.
Under a transition, McCombs, who was hired in 2011 as executive vice president of sales and strategic direction, will become president/COO on May 1, 2013, then become CEO a year later, May 1, 2014, when Brahm retires.
McCombs is an Ottumwa, Iowa, native. He is a graduate of the University of Pennsylvania’s Wharton School of Business and Cornell University’s Johnson Graduate School of Management.
Brahm joined the credit union as a loan officer in 1970, was promoted to credit manager in 1973, to assistant treasurer in 1975, then CEO in 1976, when the credit union had just $16 million in assets a total of 37 years with the credit union. During that time he led the credit union through six mergers, eight branch expansions and membership growth from 7,000 members to almost 41,000 members today. He brought to the first ATM to the Quad Cities in 1983, and later introduced one of the area’s first credit card programs.
