United States Senate Federal Credit Union on Friday said Timothy L. Anderson has taken over as interim president and CEO of the Alexandra, Va.-based institution.
USSFCU said Anderson is stepping in for Kenneth Kramer, who recently left the $964 million-asset shop. The credit union did not offer an explanation for Kramer's departure.
Anderson had been serving as the credit union’s EVP and chief retail officer prior to being tapped as interim chief executive. Anderson started with USSFCU as manager of its flagship branch in the Hart Senate Office Building. He also has served as a member of the credit union’s board of directors for more than 15 years, including a stint as chairman.
Over the past 30 years, Anderson has worked at several large banks and credit unions, many of which were chartered to serve employees working in the federal government. Before taking the EVP role at USSFCU in January of this year, he served as CEO of Government Printing Office Federal Credit Union, Washington, D.C., for eight years. In addition, he has been VP and COO at American Spirit Federal Credit Union, VP and COO at Treasury Department Federal Credit Union, VP of operations at Equitable and Independence Banks, and assistant VP and financial center manager at BB&T and M&T banks in the D.C. area.
Anderson has also been a member of the Credit Union National Association's Engagement Advisory Group and a member of the Maryland and DC Credit Union Association's advocacy committee, as well as a board member and chairman of the African-American Credit Union Coalition. He is past chairman of Credit Union Strategic Services, USSFCU's wholly-owned credit union service organization, which focuses on business loan participations and business loan originations.
Ileana Garcia, chair of the USSFCU board, said in a statement, “We are fortunate to have Tim serve as our leader. We look forward to him leading our company and its valued employees into the future, while serving our wonderful Senate community.”
Anderson received his M.B.A. from the University of Maryland, University College and serves the school as an adjunct professor in the Finance and Economics Department.
In its most recent call report, USSFCU had $2,907,899 in net income in the first quarter of this year, up 33% from the $2,182,493 it reported for Q1 2018. As of March 31, 2019, its net worth ratio was 9.66% (“well capitalized”).
