HARRISBURG, Penn.—The CEOs of two large credit unions have announced retirement plans.
The $5-billion Pennsylvania State Employees CU announced that its long-time CEO Greg Smith, who has served PSECU for nearly 30 years, will remain with the credit union through February 2019.
“I consider it a personal honor to have been able to serve PSECU’s membership for nearly three decades and do my part to uphold the ‘people helping people’ credit union philosophy, as it is one I believe in fully,” said Smith. “Following that philosophy – the legacy on which PSECU was founded – over the years, we’ve helped countless people achieve their financial goals. I’m proud to say I contributed to those commendable and extremely worthwhile efforts.”
Smith joined PSECU as its president 27 years ago in March 1991. Since that time, his leadership has led the credit union through a chapter of significant growth.
“When Greg came to PSECU in 1991, we had about 190 employees, 162,000 members, and over $600 million in assets. Since then, we’ve grown into a $5 billion credit union with more than 850 employees and nearly 450,000 members. Now, we are Pennsylvania’s largest credit union both in terms of membership and asset size,” said Joe Sassano, chair of the PSECU board of directors. “On behalf of the credit union – our members, our employees, and our board – I sincerely thank Greg for all of the contributions he has made to position PSECU for continued growth and success.”
Throughout his over 40-year career, Smith held multiple positions that supported the credit union movement across the nation. Before joining PSECU, Smith worked at WesCorp FCU and Orange County FCU in California, Teachers FCU in Minnesota, and Michigan State University EFCU.
Additionally, Smith has contributed his time and credit union expertise to credit union organizations at the state and national level. Currently, he serves on the board of directors of the Credit Union Executives Society and on the Governmental Affairs Committee for the Pennsylvania Credit Union Association.
Preparations are currently underway to identify candidates to succeed Smith, PSECU stated.
“My proudest accomplishment at PSECU is moving from a 2.75% capital level—those were the days—to over 11%,” Smith told CUToday.info. “In dollars, that’s going from $20 million in capital in 1991 to $600 million by the end of this year. It’s been a team effort, I’m certainly not claiming that accomplishment for myself.
“I’m a little biased, but I think PSECU is one of the best CUs in the country,” continued Smith. “With our branchless model, we consistently earn NPS scores from our members in the 80s. My board has encouraged me to continue the credit union philosophy of people helping people. Serving PSECU members has been one of the highlights of my life.”
Also announcing retirement plans is Elliot Gregg, president/CEO of Kitsap FCU in Bremerton, Wash. Gregg, who has been CEO since 2000, plans to step down in January of 2018.
During his time at Kitsap Federal, Gregg has overseen growth to $1.2-billion in assets from $400 million, with more than 100,000 people now members.
“This is a momentous occasion for me and for my wife Maureen, as it concludes 19 years that I have served this very special credit union,” Gregg said in a statement to the Northwest Credit Union Association. “I am deeply grateful for enormous support of the board, management, staff, and community over the past two decades.”
The credit union said it has launched a search for a successor.