Longtime Lockheed FCU Chairman, FASB Member Robert Northcutt Passes

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BURBANK, Calif. – Robert Northcutt, Jr., a longtime chairman of the board of Lockheed FCU and later a member of the Financial Accounting Standards Board, which sets accounting rules for the nation, died Friday at 76.

Northcutt served a long career for the aerospace company before he retired as controller in 1992 to serve on the FASB, just as it was deliberating on the controversy surrounding fair value accounting, also known as mark-to-market.

During his time at Lockheed he also served a chairman of the board of its credit union for 20 years, building it into one of the biggest in the country with more than $1 billion in assets. The Marietta, Ga., native resigned his credit union post to take the job at FASB.

Lockheed FCU is one of the most successful credit unions in the country with almost $3 billion in assets and one of the few big California credit unions to have consistently remained in the black through the state’s recession.

Northcutt began his business career at Lockheed Georgia Co. in 1963, then moved to the company’s Burbank, Calif., office in 1970, where he spent most of his career.

 

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