Team One Credit Union in Saginaw, Michigan, named Derrick Barber as its new president and CEO.
Barber will succeed Gerald Hutto, who will be retiring after working as the $759 million-asset credit union's leader for the past 12 years.
An exact date for the transition was not announced.
Barber has held leadership positions with a few Michigan credit unions, with most of his career spent at $1.2 billion-asset Vibe Credit Union in Novi where he began as an internal auditor before being promoted to chief operations officer and ultimately senior vice president in 2019.
"It is incredibly exciting to know I will be working with this strong, progressive organization that believes they have an important role to play in making the communities they serve stronger," Barber said in a Thursday press release.
Team One Credit Union was organized by a group of 15 teachers in 1935. At its inception, it was known as the Saginaw Teachers Club Credit Union.
"[Barber] will build upon the foundation established by the board, Gerald Hutto, and our entire staff to continue our growth both as a credit union and a leader in the CUSO environment," said board chairperson Rebecca Sanchez in the press release.
Team One lost nearly $1.5 million in the first six months of 2022 after earning $1.1 million a year earlier, according to call report data from the National Credit Union Administration.
