Wyomissing, Pa. — Glen Yeager, who has been president and CEO of $1.1 billion Utilities Employees Credit Union for 27 years, announced Monday that he will retire Oct. 1.
Patricia Zyma, UECU's executive vice president, will become UECU's new president/CEO.
When Yeager became CEO in 1987 the institution had just $90 million in assets. UECU serves the employees and families of public utilities and energy sector companies nationwide, from its sole office here. It now has 44,000 members across all 50 states.
"I have been honored to lead a talented and committed team that transformed a simple and successful savings institution into a member service leader, offering all the financial services our members desire," Yeager said in a prepared statement. "Together we have honed a low-cost 'virtual credit union' model that allows UECU to pay members some of the highest savings rates and rewards of any institution in the country."
In its most recent call report, the credit union had more than $2.5 million in first-quarter net income. Its net worth ratio as of March 31 was 13.19% ("well capitalized").
In 2013 UECU reported more than $7.3 million in net income, even after paying $685,419 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 13.24% ("well capitalized").
The credit union said during Yeager's tenure it has focused on developing its electronic banking services and member service call center to allow it to serve a widely-dispersed membership.
UECU launched mainframe-connected computer banking for selected utility company employees in 1993, a 24-hour touch-tone phone banking system in 1994, online home banking in 2001 and mobile banking in 2013.
