Marc Schaefer, who has been CEO of Truliant Federal Credit Union in Winston-Salem, N.C., since 1995, has announced his intention to retire at the end of 2019.
Schaefer will be succeeded by Todd Hall, who has been president of the $2.6 billion-asset institution since he and Schaefer
A press release announcing Schaefer’s retirement credited him as having been an instrumental leader for the institution and the movement as a whole, noting his involvement in the push to pass the Credit Union Membership Access Act in 1998. Shortly after that was signed into law, Schaefer oversaw the transition as the credit union rebranded from AT&T Family Federal Credit Union to Truliant FCU.
Earlier this year, the credit union made headlines when it sued Truist Financial – the planned name for the institution resulting from the BB&T and SunTrust Banks merger –
In the quarter-century Schaefer has helmed the institution, Truliant has from $400 million in assets to $2.6 billion, with membership increasing from 110,000 to more than 240,000 members.
“We are fortunate that the credit union message resonated with so many consumers through this period of great change. Truliant has achieved notable milestones, built an amazing workplace culture and grown our position in the broader market, all while keeping our mission to improve lives at the forefront of our journey,” Schaefer said. “It has been my great honor to dedicate my career to credit union movement. I am truly grateful to have worked collaboratively with so many talented individuals and organizations who put the high ideals of credit unions into practice for their members each day.”
Hall credited his predecessor with having “labored tirelessly to create a unique organization that people love, and consistently taken it to greater heights. An outstanding leader, we applaud Marc’s vision, his imprint on advocacy, culture, community and growth, as well as his work as a champion for credit unions worldwide.”
Truliant's most recent call report lists $5.6 million in net income during the first quarter of 2019, up 15% from a year earlier.