MIAMI-Having seen good and bad management practices from the inside of more than 150 CUs during his time as an NCUA examiner, Michael DiBenedetto feels he's in a better position today to run South Florida Educational FCU.
DiBenedetto took over as SFEFCU on Jan. 14, but his career in credit unions actually began in 1986 when he started with NCUA as an examiner right out of college. "I was an accounting major so it fit well with my role as an examiner. I had the mentality for auditing and checking up on things. That job really gave me a lot of exposure to so many areas of the credit union."
That experience was not only rewarding, but beneficial in to DiBenedetto in that it taught him what a CEO should and should not do. "I saw a lot of things. I saw how a credit union was run well, things the management team did right to benefit the future of the credit union and the membership. But I also saw things done poorly. Both types of examples help you. You learn from those who are talented and you also learn what you never want to do. Both stick with you."
One "big lesson" DiBenedetto learned came from one apparently unscrupulous CEO, where the need for excellent internal controls and audits to mitigate risks was clear. "Twenty years ago I was sent to go to a credit union where the manager never let the employees have access to certain records within the credit union. The external audit was done by the supervisory committee, who were all untrained volunteers. All records produced by the manager showed this to be a small credit union of $3 million in assets. In reality, the manager had stolen millions of dollars from the credit union over a period of years. If the financial statements had been reported properly, the credit union should have had over $8 million in deposits."
Seeing The Light At FirstLight
At NCUA DiBenedetto advanced to a corporate credit union specialist and a problem case officer. In late 1995 he left the agency to take over CFO at University FCU, now Legacy Community FCU, in Birmingham, Ala. "I was there for five years. In 2001 I worked for Family Security Credit Union in Decatur, Ala., for one year."
DiBenedetto left the credit union movement in 2002 and worked for SouthTrust Bank, Pompano Beach, Fla., as a mortgage originator. In 2003 he became EVP at Dade County FCU in Miami, and four years later took over as EVP of administration at FirstLight FCU in El Paso, Texas, the role he held before moving onto SFEFCU.
That varied background helps him today, said the new CEO, giving him a broad perspective of the financial services industry and the workings of a credit union. But his time at FirstLight paid the most dividends, DiBenedetto said. "I probably learned more at FirstLight than during any period in my financial services career. I worked under CEO Karl Murphy, a fantastic leader."
What he picked up the most from Murphy, said DiBenedetto, is the critical importance of the credit union and its CEO being service-oriented. "My philosophy today is leadership through service. I am here to lead, but also to serve, and my actions and attitude should always reflect that. I serve the membership, the board of directors and the employees. And in each case the service should be exceptional."
DiBenedetto believes the CEO's dedication to service permeates throughout the credit union and increases the attention to services the staff already have. "The CEO sets the tone and culture in any organization. Service is a big key to our credit union's success, and it starts with me."
