San Antonio FCUs Jeff Farver To Retire
The credit union, one of the first in San Antonio, was chartered in 1935 by the National Federation of Federal Employees Local No. 28.San Antonio FCU’s Jeff Farver To Retire
SAN ANTONIO, Texas – Jeff Farver, who took over deeply troubled San Antonio FCU in 1990 and turned it into one of the most successful credit unions in the country, announced this morning he is retiring from the $3 billion credit union.
Farver has handed over the job of president to the credit union’s chief operating officer Stephen Hennigan, and will continue on as CEO until the end of the year. Hennigan has been with SACU since 1993 when he was hired as director of treasury management and was closely involved in creating the credit union’s manufactured home lending CUSO, CU Factory Built Lending. He was named the NAFCU’s Credit Union Professional of the Year in 2008.
Farver took over SACU in 1991 when it was under NCUA conservatorship and has built it into one of the most successful credit unions in the country. SACU reported a net of $23.4 million for 2010, even after $5 million charge for the NCUA assessments.
The credit union, one of the first in San Antonio, was chartered in 1935 by the National Federation of Federal Employees Local No. 28.