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Tag: credit union

Va. Credit Union loses bid to expand membership

The Virginia State Corporation Commission ruled Wednesday that the Chesterfield County-based Virginia Credit Union cannot expand its membership to the Medical Society of Virginia, possibly resolving a three-year battle between the credit union, the Virginia Bankers Association and several community banks in the state.

The credit union issued a brief statement Wednesday: “We are disappointed by the decision. We believe that extending membership eligibility as an option for members of the society was reasonable.” Under state law, VACU has the option to appeal the decision to the Virginia Supreme Court, but spokesman Glenn Birch said Wednesday that the credit union has not decided whether it plans to appeal.

The dispute started in August 2019, when the VBA and seven small community banks appealed to the SCC in protest after the state Bureau of Financial Institutions in July 2019 approved VACU’s request to offer membership to the medical society’s 10,000 members. The banks contended that with 10,000 more members, VACU would have too great an advantage over community banks, which operate under different rules than nonprofit credit unions and could potentially lose tax revenue. In March, the banks summed up their case, declaring that “credit unions have a sweet deal,” with “no [federal or state] income taxes … and no obligations to invest in the community.” Credit unions are, however, responsible for paying real estate and personal property taxes.

Ultimately those arguments meant less in Wednesday’s ruling by SCC Commissioners Jehmal T. Hudson and Judith Williams Jagdmann, who found that VACU did not meet the required burden of proof that the medical society was unlikely to be able to form its own credit union — which is preferable under state law, as opposed to allowing a large organization’s members to join an existing credit union. The society has more than $3.52 million in securities and more than $1 million in equity in its building that could help fund a new MSV credit union, according to research by economic analyst Christine Chmura on behalf of the banks. Also, the society’s CEO, Melina Davis, is a member of the credit union’s board and “could provide valuable expertise” to an MSV credit union, according to the ruling, citing Chmura’s report.

VBA President and CEO Bruce Whitehurst said Wednesday that his organization is “obviously pleased with the ruling, which is consistent with state law.” Steven C. Yeakel, president and CEO of the Virginia Association of Community Banks, echoed Whitehurst’s comment, saying, “We are obviously pleased with the ruling.”

However, Virginia Credit Union League President and CEO Carrie Hunt said, “It remains disappointing and frustrating that the bankers continue to thwart credit unions from providing provident credit to Virginians. The reality is, credit unions are not in competition with community banks. Large banks are. The Virginia Credit Union League will continue to zealously fight for the interests for all credit unions in Virginia to do what they do best — provide the best in consumer financial services to citizens in the commonwealth.”

Virginia Credit Union is the third largest credit union based in Virginia, with about $5.04 billion in total assets as of March and more than 300,000 members. In 2019, the credit union said that the medical society approached it about joining, and the matter was brought before the Bureau of Financial Institutions, which is required to approve any membership expansion of more than 3,000 under state law. VACU, like many credit unions, has expanded its scope for membership over the years. It started as a service only for state employees, but its charter was changed to include city and county employees, students at state universities and people who live in several localities in Virginia, including Fredericksburg, Petersburg and Richmond.

The case took longer than expected, as an original SCC hearing took place in July 2020, with a decision expected later that year. However, Whitehurst noted, the COVID-19 pandemic, which forced most work to take place virtually at first, and the commissioners’ decision to hold a second hearing last year, caused the ruling’s delay. SCC spokesperson Andy Farmer said Wednesday that “this was a complex case with multiple parties participating and a significant amount of evidence. In their deliberations, the SCC commissioners review the entire case record.”

UVA Community Credit Union has new president, CEO

UVA Community Credit Union has named Susan M. Gruber as its next president and CEO.

Gruber previously served as executive vice president and chief financial officer of Dublin, California-based Patelco Credit Union since 2014, according to a news release. She has also worked as CFO and senior vice president at Jeanne D’Arc Credit Union in Lowell, Massachusetts, and was a vice president with Bank of America in Boston, according to her LinkedIn account.

“Overall, Susan brings us more than 30 years of experience as a collaborative leader who focuses on teamwork and member experience,” UVA Community Credit Union Board Chair Jeffrey C. Moscicki said in a statement. “She has a deep commitment to the mission-driven nature of the credit union movement,”

Gruber saw the Patelco Credit Union’s assets more than double during her tenure, and also oversaw a $95 million headquarters project.

Gruber has won numerous awards including CFO Trailblazer of the Year from Credit Union Times in 2018, and CFO Council Professional of the Year from Credit Union National Association in 2016. She received her bachelor’s degree in accounting from St. Joseph’s University and a master’s in business administration from Boston University.

Gruber started her new position Monday. She replaces Alison DeTuncq, who served as the credit union’s president and CEO for more than two decades.

Va. Credit Union League announces new directors

The Virginia Credit Union League announced on Friday its newly elected directors.

The following credit union executives are starting first terms on the league’s board:

  • Kim Little, Virginia Beach-based Chartway Credit Union
  • Bruce Six, Dahlgren-based Topside Federal Credit Union
  • Mike Warrell, Martinsville-based ValleyStar Credit Union
  • Andrew Reynolds, Roanoke-based Blue Eagle Credit Union

Excepting Warrell, who will be serving a one-year term, these members have been elected to three-year terms.

The board also elected its officers for the coming year:

  • Chairman: Joe Thomas, Fairfax-based NextMark Credit Union
  • Vice Chairman: Jeff Bentley, Herndon-based Northwest Federal Credit Union
  • Treasurer: Paul Muse, Yorktown-based 1st Advantage Federal Credit Union
  • Secretary: Janine Williams, Charlottesville-based UVA Community Credit Union

Organized in 1934, the league is a statewide trade association representing 108 member-owned credit unions.

Execs honored by Va. Credit Union League

UVA Community Credit Union President and CEO Alison DeTuncq was presented with the James P. Kirsch Lifetime Achievement Award, the Virginia Credit Union League’s highest honor, during the league’s 2022 annual meeting in Roanoke on April 21.

The Kirsch award, which recognizes individuals who help improve the future for credit unions, is named in honor of the late James P. “Jimmy” Kirsch, a longtime credit union volunteer who served in leadership roles at the state, national and international levels.

DeTuncq plans to retire this year after 32 years with the credit union, including 23 years as its president and CEO.

“The success of her own credit union and the tremendous impact it’s had on the greater Charlottesville community is a testament to Alison’s leadership, her commitment to innovation and service excellence, and her dedication to credit unions’ ‘people helping people’ philosophy,” said Virginia Credit Union League President and CEO Carrie Hunt. “Her service to the credit union industry speaks to her selflessness and the passion she has for credit unions. We proudly honor Alison for a remarkable career as a leader and as a champion for our industry.”

UVA Community Credit Union is among the largest credit unions headquartered in the state. Serving more than 72,000 members across 25 counties and cities, it has assets of more than $1.4 billion.

“I’ve really loved working for a financial institution that embraces its social mission and which believes the needs of its members must always be the priority,” DeTuncq said in a statement. “It’s such a wonderful group of peers managing Virginia’s credit unions as well. I feel fortunate to have made lifelong friends within the credit union system.”

DeTuncq has served various volunteer roles with the Virginia Credit Union League. She also served on the board of directors for the Mid-Atlantic Corporate Federal Credit Union and was the the first chairman of the board of VIZO Financial Corporate Credit Union following the merger of Mid-Atlantic and First Carolina corporate credit unions in 2016.

She is a member of the board of directors for the Piedmont Virginia Community College Foundation and the Shenandoah National Park Trust.

Patsy Smith (right), recently retired CEO of Petersburg-based Peoples Advantage Federal Credit Union, has been recognized by the commonwealth’s credit unions with the Eugene H. Farley Jr. Award of Excellence. Presenting the award is Virginia Credit Union League President and CEO Carrie Hunt.

In addition, the credit union league  also honored Patsy Smith, who retired last year as CEO of Petersburg-based Peoples Advantage Federal Credit Union, with the Eugene H. Farley Jr. Award of Excellence.

The Farley award recognizes a credit union professional or volunteer for their contributions to an individual credit union or to the industry. It is named in honor of the late Eugene H. “Gene” Farley Jr., who led the league and served Virginia’s credit unions for more than 40 years until his retirement in 1999.

Smith became CEO of Peoples Advantage in 2014, following its merger with Peoples Advantage and Resources Credit Union, a Richmond-area institution that Smith had led since 2007.

“Patsy exemplifies true leadership,” Hunt said. “She has a gift for identifying a need and marshalling the people and resources necessary to meet that need. She has spent the past 15 years helping those around her succeed and we’re proud to honor her work, leadership and vision.”

Smith has served on the credit union league board and helped form its Virginia Sister Society of the Global Women’s Leadership Network.

“Throughout my career, I always looked for ways to empower and motivate other credit union professionals to reach their full potential and grow their careers,”  Smith said. “Networking groups such as the Virginia Sister Society provided a forum to learn from colleagues and other professionals. No matter where I was in my career, I never stopped learning and listening. It was one of my keys to success.”

Navy Federal names new chief operating officer

Vienna-based Navy Federal Credit Union has named a retired rear admiral to serve as chief operating officer.

Dietrich Kuhlmann took over from former COO Debbie Calder, who has retired, effective Monday. He will oversee the credit union’s operations and its 20,000 workers in service of its members. Kuhlmann joined Navy Federal in 2019 as head of branch operations and most recently served as its chief real estate lending officer. Before joining Navy Federal full time, Kuhlmann volunteered on the credit union’s board of directors from 2010 to 2012, serving on its membership and supervisory committees, according to a news release.

“Dietrich has a deep understanding of the financial needs of the military, veterans and their families,” said Navy Federal President and CEO Mary McDuffie. “He has demonstrated in his time at Navy Federal and throughout his remarkable career in the Navy that he is focused on the mission at-hand, serving our members and employees.”

Kuhlmann graduated from the United States Naval Academy in 1983 and spent nearly three decades in the sea service as a submariner, though he also has a specialty in financial management. In addition to service on board five submarines, Kuhlmann commanded the USS Michigan twice. After his promotion to admiral, Kuhlmann commanded Submarine Group Nine, overseeing all submarine matters in the Pacific Northwest, from 2012 to 2014.

Kuhlmann’s naval service also included financial assignments at the Pentagon, including a role as programming division director for the chief of naval operations. In that role, he was responsible for an $800 billion, 5-year capital allocation process that included devising options to address readiness, personnel and force development challenges.

“At Navy Federal, we have truly made our members’ financial needs and well-being our mission,” said Kuhlmann. “From my time in the Navy to now at Navy Federal, I’m incredibly honored to continue a career in service of the entire military community.”

Navy Federal is the world’s largest credit union, serving more than 11 million members across the globe.

U.S. Senate Federal Credit Union opens new Alexandria HQ

United States Senate Federal Credit Union (USSFCU) held a grand opening for its Braddock Station corporate headquarters and retail branch in Alexandria on Wednesday.

USSFCU selected 1310 Braddock Place, previously home to the National Industries for the Blind, in 2018. The new Bowman Branch on the first floor replaces the credit union’s Eisenhower Avenue location. It opened to the public on Tuesday. The credit union’s headquarters was also on Eisenhower Avenue, but in a different building.

When it was founded in 1935, USSFCU was headquartered in the basement of the Russell Senate Office Building. In 1983, it moved to the Hart Senate Office Building, then to a standalone facility in Alexandria in the ’90s.

USSFCU named the building for Bertie H. Bowman, its longest-serving board member. Bowman served on the board for 46 years, including two terms as its chairman. Bowman was also a U.S. Senate staffer for more than 65 years. Under his leadership, the union went from a few million in assets to more than $1 billion, according to a news release.

“We are celebrating an incredibly significant time in USSFCU history,” USSFCU President and CEO Tim Anderson said in a statement. “Our mission is to improve the financial wellness of our members by integrating sustainability, security, and service into every solution. This purpose is physically embodied throughout our new home.”

USSFCU serves the U.S. Senate and Capitol Hill communities. It has $1.2 billion in assets.

U.Va. Credit Union president and CEO to retire

Alison DeTuncq, who has served 22 years as president and CEO of the University of Virginia Community Credit Union in Charlottesville, plans to retire in May 2022, the institution announced this week.

She started her career at the credit union 32 years ago, and during her tenure as its leader, the credit union’s assets grew from $130 million to more than $1.3 billion. DeTuncq oversaw three charter expansions that increased membership to 20 counties and five cities, as well as increasing the number of branch offices to 18, and she was behind the credit union’s award-winning financial literacy program that expanded to other Virginia credit unions, as well as participating the Internal Revenue Service’s Volunteer Income Tax Assistance program, which provides free tax preparation services. The credit union employs 250 people and has a membership of 70,000 individuals and businesses.

“It has been the greatest honor of my life to serve as the credit union’s chief executive officer and to be a part of the credit union movement,” she said in a statement. “I am most thankful to the great team I had the privilege to work with for so many years, from the dedicated volunteer board of directors and committee members, to the incredible staff who have been so committed to the success of our credit union.”

DeTuncq, who has served in several capacities with the Virginia Credit Union League and won its Eugene H. Farley Jr. Award of Excellence, is also president and CEO of the U.Va. Community Credit Union’s mortgage business, Member Options LLC, and serves on its board. She also was the first board chairman of VIZO Financial Corporate Credit Union after it was formed in a merger.

The U.Va. Community Credit Union’s board of directors has partnered with Shanley Search Partners to find DeTuncq’s successor.

ValleyStar Credit Union names new CEO

Martinsville-based ValleyStar Credit Union hired Mike Warrell as CEO, it announced Wednesday.

“As ValleyStar strengthens relationships and builds upon its digital integration, Mike Warrell was the clear choice to move the credit union forward,” ValleyStar Chairman James Rorrer said in a statement. “He has the experience and deep understanding needed to optimize member engagement and support the empowered workforce that makes up the ValleyStar team.”

Warrell was president and CEO of Fairfield, California-based Solano First Federal Credit Union, which is now a division of Valley Strong Credit Union. In 2015, the National Association Federally-Insured Credit Unions awarded Warrell “CEO of North America.”

“I take this role as CEO of ValleyStar with profound clarity that I am here to support our ValleyStar team, members and community, while ensuring ValleyStar leads innovation,” Warrell said. “I look forward to working alongside the successful and collaborative team in place at ValleyStar and thank the board for its trust in me.”

Warrell has served as president of the northern region of Valley Strong Credit Union, vice president of business development, assistant vice president of member service and president and owner of a lease savings company.

He holds a bachelor’s degree from Plymouth State College, now Plymouth State University, and a graduate certificate in innovation engineering from The University of Maine. Warrell also graduated from the Filene i3 Program, a two-year leadership program for credit union professionals.

Founded in 1953, ValleyStar has more than $550 million in assets and operates branch locations in Collinsville, Danville, Martinsville, Richmond, Roanoke, Rocky Mount and Waynesboro and a loan center in Fishersville.

Historic Roanoke building sells for $9.5M

The Elmwood Building in Roanoke sold for $9.5 million, Hall Associates Inc. and buyer Freedom First Credit Union announced Tuesday.

Located at 207 Bullitt Ave. SE in Roanoke’s Downtown Historic District, the 4-story, 46,500-square-foot building was built in 1919 and has housed a hardware store, furniture warehouse and Meridium Inc., and is currently housing GE Digital.

The building will serve as Freedom First’s corporate headquarters. GE Digital will remain on three floors, and Freedom First’s administrative offices will occupy the fourth floor, moving employees into more areas of the building as they become free.

“One of our focus areas is providing loan capital to commercial developers who transform old buildings into community assets,” said Paul Phillips, Freedom First’s president and CEO, in a statement. “So, it seems only fitting that our headquarters would be located in just such a building. With its timber framing, exposed brick, original floors and a blend of modern amenities, it’s a truly beautiful building that our team members will enjoy.”

Goodview Properties LLC, owned by Bonz Hart, was the seller. Hart was the CEO of Meridium when GE acquired it in 2016, and he retained ownership of the building until this week. Frank Martin with Hall Associates represented Freedom First in the sale. Matt Huff, president of Poe & Cronk Real Estate Group, and Jacob Quesinberry, a vice president with the group, represented the seller.

Old Point National Bank appoints VP operations

Hampton-based Old Point National Bank has appointed Christopher Hobbs as its vice president of operations, the bank announced Wednesday.

“We are so pleased to have Chris Hobbs join the Old Point family,” said Susan R. Ralston, executive vice president and chief operating officer for Old Point, in a statement. “His expertise will be instrumental as we continue execution of our transformational digital strategies and process efficiency improvements.”

Hobbs most recently worked as assistant vice president of payments at University of Virginia Community Credit Union, where he managed all payments operations and strategies.

Hobbs holds an associate’s degree from the Olean Business Institute and has graduated from the Nacha Payments Institute and the Pennsylvania Bankers Association’s Advanced School of Banking.

A wholly owned subsidiary of Old Point Financial Corp., Old Point National Bank serves the Hampton Roads and greater Richmond regions.