Teachers CU’s Rick Rice Calling It Quits After 39 Years

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SOUTH BEND, Ind. – Richard Rice, who built Teachers CU into one of the most successful credit unions in the country over a 39-year career there, is retiring as president and CEO of the $2 billion credit union.

Rice will be succeeded by Paul Marsh, the credit union’s senior vice president for marketing and sales. Marsh has been an employee of Teachers since 1989 in a variety of capacities, beginning  his career in the finance and treasury departments at the credit union, then leading the marketing, retail and electronic service operations.

Rice has worked at Teachers for more than 39 years and was appointed president in July, 1987. He also serves as the chairman of the Indiana Department of Financial Institutions.

Teachers, Indiana’s biggest credit union, is among the large credit unions that have stayed in the black through the financial turmoil of the past three years, reporting a $6.8 net for 2009, and a $10.8 million net for the first three quarters of 2010, even with a $2.1 million charge for the corporate credit union bailout.

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