With its busy cannabis banking division taxing the time of its top executive, Partner Colorado Credit Union is promoting Doug Fagan, who currently serves as its chief financial officer, to president.
Sundie Seefried, longtime president and CEO of the $417 million-asset institution, will remain its CEO. Fagan will also continue to serve as CFO.
Linda Head, the credit union’s board chair, said the move was necessary due to Seefried’s role in running the CU’s subsidiary,
“The demands of the CEO have expanded with the growth of the credit union’s cannabis banking division, Safe Harbor Private Banking,” Head said in a statement. “Appointing a new president, who will assume some of the operational duties, will free up our CEO’s time to educate financial institutions nationwide and work with regulators and legislators. We are fortunate to have Doug step into this role as our president.”
The move is effective immediately, the Arvada, Colo.-based CU said on Tuesday.
Fagan has served as Partner Colorado’s CFO since September 2017. It is the latest stop in his 32 years in the credit union movement – at institutions ranging from $150 million to $2.6 billion in assets. His CU career started at Grow Financial Federal Credit Union, where he was a senior accountant. He was at Bay Gulf Credit Union, Tampa, Fla., for 10 years, serving first as accounting department manager and later as vice president of finance. Following the merger of Bay Gulf Credit Union and MIDFLORIDA Credit Union, Fagan became senior vice president of finance at MIDFLORIDA.
With the promotion, Fagan will be responsible for IT, accounting, lending and collections. He will oversee other day-to-day functions, Seefried said.
“I am incredibly excited to assume this new role and for the future of the credit union,” said Fagan. “We have an exceptionally talented team at Partner Colorado that is focused on continuing to innovate our products in new and diverse ways for our membership, and unlocking future growth opportunities.”
Chartered in 1931, Partner Colorado Credit Union today serves more than 32,000 members throughout the Denver metro area.
