HARAHAN, La. — Mignhon Tourne, CEO of ASI FCU and A Shared Initiative, LLC, said she will step down from both positions in 2016 after having served on the ASI FCU board for 20 years and as president/CEO for the past nine years.
In all, Tourne has more than 38 years in the financial and insurance services industry, most of which has been spent in executive management and in close affiliation with ASI FCU.
During Tourne’s 29-year tenure, ASI FCU grew from $10 million in assets to $315 million, with 57,000 members. During this same period, the credit union chartered eight new low-income communities, became certified as a CDFI, completed nine mergers and one purchase and acquisition, and developed a wide array of anti-predatory lending products for members of low and modest means.
Tourne was elected to the ASI board of directors in 1986 and served as secretary and chairman before being named CEO in 2006. During her five years as chair Tourne championed board development that focused on diversity in alignment with its low-moderate income mission, membership and community. Tourne took over as CEO during a time when the credit union was recovering from the effects of Hurricane Katrina, with displaced employees and members, destroyed branches, and major financial losses.
“In the continuing spirit of ASI’s historic mission of strengthening the financial health of underserved communities, ASI FCU was determined to help its members in any way possible during this challenging time,” the credit union said in a statement. “As president/CEO, Tourne led the organization through net worth restoration, approximately $14 million in CDFI awards, more than $375 million in community development consumer, business and real estate loan growth that supported its credit union members, with one State-funded program targeting nonmembers in need of small business loans.”
Working with various local and national nonprofit partners, ASI launched the nonprofit, ASII, and purchased, renovated and opened its community center in the Upper Ninth Ward. Tourne guided the sister organizations through community development work that not only emphasized affordable lending and alternatives to payday loans, but included funding the first food co-op in the city of New Orleans, the co-development of six houses in the Musician’s Village, as well as the refinance of usurious mortgages during the recession. Over 2,000 financial education classes were taught in the metro area, many free, and over 700 underserved community members received free tax assistance during her tenure. Under Tourne’s leadership, the credit union has also advanced several technology improvements, opened a micro branch, and created new partnerships with local nonprofits.