Mid Minnesota Federal Credit Union in Baxter, Minnesota, has named Bob Gerads as its new president and CEO.
Gerads succeeds Chuck Albrecht, who announced last summer that he would
Gerads joins the $660.6 million-asset credit union from Falcon National Bank in Foley, Minnesota, where he was chief deposit officer.
"I know I speak for the rest of the board when I say we are overjoyed to welcome Bob to Mid Minnesota Federal Credit Union," Chairperson Theresa Goble said in a press release Thursday. "We are very proud of how far we've come as an organization through our 66-year history, and we are excited about the opportunity of continued success with Bob leading the way."
Gerads has nearly 25 years of experience in banking and credit union management and operations.
"I will strive to create strategic partnerships and build a collaborative environment committed to delivering an outstanding member experience through each of our delivery channels," Gerads said in the press release.
Albrecht joined Mid Minnesota in 2003 as CEO. Under his leadership, the credit union grew from $110 million of assets to $650 million and expanded its membership base to more than 55,000, up from 28,000.
The credit union earned $2.7 million in the first nine months of 2022, a 66% decrease compared with a year earlier, according to call report data from the National Credit Union Administration.
