WINSTON-SALEM, N.C.–After a decade as president and CEO and more than 45 years of service in credit unions, Cathy J. Pace has announced plans to retire from Allegacy FCU, effective Jan. 1, 2025.
The credit union has launched a search for a successor.
In a letter to members, Pace wrote she is “personally planning for a purpose-filled future.”
Pace began her professional career in the financial services industry as a switchboard operator for Reynolds Carolina FCU (the predecessor to Allegacy), before spending time in business development, marketing, financial education and wealth management, and then being named CEO.
During her tenure—which the credit union said is the longest running of any employee— Allegacy has grown to $2.2 billion in assets from nearly $50 million in 1978 to more than $2.2 billion in assets today, in addition to more than $1.5 billion in assets under management in Allegacy Investment Group.
‘Authentic Leader’
“Cathy is an authentic leader who has truly propelled Allegacy to the forefront of regional and national credit unions,” Ann Johnston, former Allegacy chair and current member and who has worked with Pace for more than 30 years, said in a statement. “Her personal values of honesty, integrity and ‘doing the right thing’ have strongly influenced the organization’s culture and growth. She has intentionally developed relationships with local, regional and national organizations because she personally believes that it is critical for any business to support the communities in which they operate and support causes that are important to our employees and members.”
Noteworthy Initiatives
The credit union saidPace is credited with spearheading many noteworthy initiatives, including:
- A name change in 2001 and development of a comprehensive and distinctive brand for Allegacy. “The Allegacy name was designed to reflect the importance of Allegiance and Legacy, including history, heritage, and the deep relationships with the communities served.”
- Being on the leading edge of creating a “culture of wellbeing for employees that helped define the rebranding effort and focused it on member and community wellbeing.” In 2016, Allegacy launched the Allhealth Savings Account to encourage members to “do the right thing for their wellbeing. In partnership with the YMCA and UNCG Kaplan Center, there are thousands of accounts with members earning a higher dividend based on their number of visits to the gym.”
- The evolution of financial education, financial planning and wealth management as core to the credit union’s mission and growth. The Allegacy Investment Group is distinctive among credit unions nationwide, with $1.5 billion in assets under management.
- A 20-year partnership with Wake Forest that includes Wake Forest University and Wake Forest Baptist Hospital as Allegacy select employee groups; the Allegacy Center for Character and Leadership at the School of Business; the official credit union of Wake Forest Basketball; and the recent naming of the Allegacy Stadium, which will “exponentially expand Allegacy’s visibility and reputation in the Triad and beyond.”
Career Accomplishments
During her career, Pace received numerous recognitions, including:
- Being named among the Triad’s Most Admired CEOs, Triad’s Top 40 Most Influential People, Triad Power Player, Women in Business, Business Leader’s Women Extraordinaire, and one of five Outstanding Women Leaders of Winston-Salem in 2020.
- Awards from the Carolinas Credit Union Foundation and the Credit Union Executives Society as Marketer of the Year.
- Pace also serves on numerous boards including Atrium Health Wake Forest Baptist Comprehensive Cancer Center Regional Advisory Group; Wake Forest School of Business Board of Visitors; Ronald McDonald House Charities of the Piedmont Triad, Inc.; and PSCU, a national credit union service organization that supports over 1,500 credit unions (where she formerly served on the PSCU Executive Committee).
DDJ Myers is handling the search.
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