Industry Veteran Tom Glatt Steps Down As CEO Of First Virtual CU

Register now

ROCKVILLE, Md. – Long-time industry figure Tom Glatt, who fought off the first hostile credit union takeover, then founded the industry’s first Internet-only credit union, is stepping down as CEO of REALTORS FCU to be nearer to family.

Glatt is leaving to be closer to his wife, Diane Johnson Glatt, with whom he founded well-known credit union consultancy Counter Intelligence Associates. Diane recently took a job in New Jersey, an official with the $75 million credit union said yesterday. "Tom was hired to get us off the ground," Jesse Boyer, chief operating officer for the virtual credit union, told Credit Union Journal. Glatt had been spending the workweeks in Maryland and the weekends in Garden State for some time, according to Boyer.

Glatt came to the newly chartered REALTORS FCU in 2008 from Continental FCU, where as CEO he successfully fought off the industry’s first and only hostile takeover attempt, by Wings Financial CU. Before that he served as chief operating officer for Oregon’s OnPoint Community CU. For 16 years, Tom and Diane owned and operated Counter Intelligence Associates, known as CIA among credit unions.

Glatt plans on leaving Aug. 1 and will be succeeded on an interim basis by Jane Pannier, the credit union’s executive vice president and general counsel and former legal counsel at NAFCU.

Glatt liked to boast that under him REALTORS, which serves more than 1.2 million members of the National Association of REALTORS, was the fastest credit union start-up to $75 million.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER