iQ Credit Union in Vancouver, Wash., named Eric Petracca as its new president and CEO, effective Jan. 1.
Petracca replaces Kelly Schrader, who has been CEO of the $1.5 billion-asset credit union since 2016. Schrader is leaving to pursue a new philanthropic opportunity, iQ said in a press release earlier this month.
Petracca is currently iQ’s chief operations officer where he is responsible for operations, compliance, risk management and information security. He began his career as a teller at Lacamas Community Credit Union in Camas, Wash.
“While we will truly miss Kelly’s enthusiasm and inspiring leadership, we are excited to welcome Eric into this new role and look forward to his continued focus on strategic growth, member service and his long history with iQ and Lacamas Community Credit Union before that,” Chairman Doug Lehrman said in the release.
Schrader was instrumental in the credit union’s recent growth, including its expansion into the Portland, Ore., market with the opening of branches in Williams and St. Johns, iQ said.
Through Schrader's philanthropic work, iQ’s foundation raised more than $160,000 to support children in local communities.
iQ reported net income of roughly $9.7 million in the first three quarters of 2020, down about 15% from the same period last year, according to call report data from the National Credit Union Administration.
