Los Angeles-based Water & Power Community CU has named Barry Roach as its new president and CEO, replacing longtime leader Carl Stewart.
For the last four years, Roach has served as President and CEO of SafeAmerica CU, helping guide the institution through a net income turnaround while maintaining a focus on member service. In 2015 the credit union marked its most successful year ever with record levels of membership, lending, net income and capital.
Prior to joining the credit union movement, Barry spent 20 years at Canadian Imperial Bank of Commerce, rising through the organization before being recruited by San Jose, Calif.-based Meriwest CU. At Meriwest he headed the retail delivery group and established new member service activities and leadership principles to boost business and increase efficiencies.
In a statement released by Water & Power Community CU, Board Chair Belinda Walker welcomed Roach and thanked the CU's outgoing CEO for his years of service.
"We are thankful to have had Carl Stewart's leadership to guide Water & Power Community CU for so many years," she said. "As we face the future, we are confident Barry Roach will deliver the best financial solutions with superior service to our membership."
Water & Power Community CU currently serves more than 34,000 members with nearly $600 million in assets. It currently has more than $250 million in loans and leases on the books, according to its latest Call Report, the bulk of which is concentrated in new and used auto lending, and first mortgage loans. Through the first three quarters of this year the credit union has a net income of $2.5 million; it earned just under $4 million in 2015.
