LANSING, Mich. – Robin Frucci, who has been CEO of $600 million LAFCU, based here, for 11 years, and served in credit unions for more than 30 years, on Friday announced he will retire effective March 31.
LAFCU said the individual chosen to succeed Frucci will be announced March 15.
Frucci began his career in lending at LAFCU in the 1980s. He moved to Educational Employees Credit Union, now Educational Community Credit Union in Kalamazoo, Mich., in 1991 as vice president of lending. In 1995 he was named CEO of OMNI Family Credit Union, now OMNI Community Credit Union, Battle Creek, Mich. In 2005, he rejoined LAFCU as CEO.
During Frucci's 11-year tenure as CEO, LAFCU's assets increased 34%, equity grew 54% and the credit union's membership grew 11% to nearly 60,000.
Frucci helped change LAFCU's federal charter to one issued by the state, which the credit union said enabled the expansion of its service geography from a tri-county area to 11 counties in mid- and southern Michigan. He also oversaw the 2013 merger with Centel Credit Union in Owosso, Mich., which added two LAFCU branches in Shiawassee County.
"Robin is a stalwart credit union advocate, and his decades of contributions will long be felt in our credit union, our state and our industry," Harold Foster, chairman of LAFCU's board of directors, said in a statement. "We will truly miss his rare combination of intellect, patience and dedication."
Throughout his career, Frucci said that he has adhered to two management tenets: "My overriding passion is to take care of the members we already have first and to take care of our employees," he said.
Frucci said he believes that while tangible member services such as technology upgrades and new branches are important, old-fashioned compassion and common sense remain essential to keeping members.
"Educating, counseling and correcting or avoiding a problem are preferable to denying a loan or sending a member to collections," he said. "Credit union members from all economic levels deserve equal treatment. It is our responsibility to anticipate the financial fallout for members and find ways to keep people afloat during economic disasters like recessions or strikes. For example, LAFCU offers credit-rebuilding loans designed to help members restore their credit and begin anew."
With regard to taking care of one's staff, Frucci said, "The biggest responsibility of a leader is paying employees a living wage with benefits – health insurance and retirement funds – and recognizing that their strengths comprise the cornerstone of a company's success. Low turnover provides comfort to all staff members. At LAFCU, we know everyone by name. Happy, quality employees are what our members expect."
Credit Union Champion
LAFCU described Frucci as a longtime credit union champion, noting he has worked to improve and strengthen the industry. One accomplishment was achieved while serving as board chairman for Michigan's Central Corporate Credit Union (CenCorp). During the recent recession, Frucci succeeded in gaining the approval of more than 280 credit unions for the 2013 merger of CenCorp with Alloya Corporate Federal Credit Union, Warrenville, Ill.
"The CenCorp-Alloya merger illustrates Robin's visionary leadership and exemplifies how his steady hand provided stability and security during a turbulent time for financial institutions in our country," Foster said.
Frucci also is credited with making contributions to Member Driven Technologies (MDT), a CUSO that specializes in information technology solutions. Frucci joined the MDT board of directors in 2005 and has been chairman since 2012.
Under his leadership, MDT became one of the largest CUSOs in the country, providing technical services to 150 credit unions in 28 states and aggregating its purchasing power to help participating credit unions lower their costs of operations. In the past 10 years, MDT has grown from 15 employees to nearly 150 employees today.
Other organizations in the credit union industry and community in which Frucci has been actively involved include WKAR, Alloya Corporate Federal Credit Union and Member First Mortgage CUSO as a board member; Credit Union Executives Society as a member; and Michigan Credit Union League as a committee member and alternate board member.
Chartered in 1936, LAFCU serves the counties of Barry, Calhoun, Clinton, Eaton, Gratiot, Ingham, Ionia, Jackson, Livingston, Montcalm and Shiawassee. Anyone who lives, works, worships or attends school in its designated counties is eligible to join. LAFCU serves nearly 60,000 members through nine locations throughout Greater Lansing and Shiawassee County.
