Telhio Credit Union in Columbus, Ohio, says Derrick Bailey will take over as chief executive on July 1.
Bailey, who has been with Telhio since 2013,
"Bailey brings a wealth of knowledge, experience and enthusiasm that will help Telhio continue to grow and thrive into the future. … Under his leadership, the credit union has a bright future ahead," Bumgarner said in a press release Wednesday.
In his various executive roles with the credit union, Bailey has worked with CU Strategic Planning, a grant-writing firm in Tacoma, Washington, to secure more than $2.4 million in community development financial institution funding. He plans to expand on that work by broadening the pool of applications for further CDFI funding.
"Strengthening the communities we serve is important to me. … Helping the community by creating jobs through business lending and serving those who are underserved by access to banking services is my job as the leader of a credit union," Bailey said. "As a CEO, I feel that I can have the most impact on the community we serve."
In November, the credit union
Jessica Bing, chief communications officer for Telhio, explained in a previous interview with American Banker how the rising number of local and national 1099 workers inspired the credit union to draw on its certification as a CDFI and create a program for bridging the gap between Telhio and underserved locals.
"With the opportunity for our members to take advantage of what were historically low loan rates, particularly when buying and refinancing homes, there were several members in our community who could not be served with the lending products they need because of the lack of access to credit," Bing said. "This lack of access comes from outdated, formulaic methods of calculating income that made access to loans and credit a challenge for gig and 1099 workers."
