OWENSBORO, Ky.–After 47 years in financial services, including 42 in credit unions, Beverly Knott has retired.
Knott, the former CEO of Audubon FCU, began in financial services in 1973 as a teller with the former Central Bank & Trust in downtown Owensboro. According to a profile in the Messenger Inquirer, one of her customers was Charles Thompson, CEO of Green River Employees FCU, who came in every six months to order checks for the credit union.
In August 1978, Thompson called Knott. “He wanted to start offering share draft checking accounts and he wanted me to be the one to set up the new program,” she told the Messenger Inquirer. “I was reluctant until he told me what the starting pay would be.”
Knott told the publication she was unfamiliar with credit unions at the time, but quickly learned the difference. “Credit unions are owned and operated by their members,” she told Messenger Inquirer. “Banks are owned by their shareholders.”
Thompson “was my mentor and my friend,” Knott added. “But sadly, he died a week before my (work) anniversary this year.”
In 1978, Knott said, the credit union paid a dividend rate of 7% and loan rates were 12%.
“There were 20 credit unions here then,” she said. “We all bonded and worked together.”
Moving to New Positions
In 1985, Knott became Green River Area Federal Credit Union’s branch manager in Henderson, Ky., until receiving a call in 1991 from Modern Welding, saying they needed a full-time manager for their credit union.
“It meant less driving for me,” Knott said. “So, I took it.”
Seven years later, in 1998, she moved to Audubon, which had begun life as Owensboro City Employees Federal Credit Union, according to the Messenger Inquirer.
“I was working about 70 to 80 hours a week back then,” Knott said.
There were 14 employees then, she said. Today, there are eight. “Technology has done its magic,” Knott said.
“Credit unions came up with payroll deductions and direct deposit,” she recalled in the interview. “When I worked at Central Bank, the line would stretch out the door on Fridays when people came in to cash their checks. Now, with direct deposit and online accounts, it’s just another day.”
A Doubling of Assets
In Knott’s 22 years as CEO of the credit union, assets have almost double — from $14 million to $27 million. But the number of members has stayed around 2,500.
As she contemplated her departure on Friday, Knott told the Messenger Inquirer, “It’ll be bittersweet. I’m going to miss all the people. I’ve met a lot of fine people. At a credit union this size, you have your hand in everything.”
In 2014, the Kentucky Credit Union League recognized Knott with its Frank Moore Outstanding Professional Award.
Jessica Higdon has been named as the new CEO of Audubon FCU.