TUKWILA, Wash.–Credit union CEOs in two states have announced retirement plans.
In Washington, Benson Porter, CEO of the $30-billion BECU, has announced plans to retire at the end of 2022. The credit union said it has launched a search for a successor.
Benson has led the credit union for 10 years and has more than 35 years’ experience in financial services.
“I’m incredibly proud of the work we do at BECU and the positive difference our employees make each day in serving our members and communities, especially navigating through the pandemic,” said Porter. “The past two years have inspired self-reflection for us all and reinforced for me that the time is right for me to retire. Over the next few months, I remain committed to our work of transforming our employee and member experiences and helping set the stage for the next chapter of BECU. I am confident our next leader will bring fresh approaches to drive our work forward in line with our purpose.”
A Washington native, Porter joined BECU after five years as the president and CEO of First Tech Credit Union based in Palo Alto, Calif. He held previous roles working for the Washington state Senate Banking Committee and the state Division of Banking, as well as management roles with KeyBank and Washington Mutual and as CEO of Addison Avenue FCU.
Strong Growth
BECU noted that during Porter’s tenure BECU has grown from just under $10 billion in assets to more than $30 billion in total assets today, with membership growing to 1.28 million from 800,000, and its business services growing to serve more than 68,600 business members.
In addition, BECU said its giveback to its members and communities has also increased. In 2012, the credit union said it returned $115.3 million to its members through better rates and fewer fees compared to bank averages. In 2021, BECU’s return to the membership grew to $322.7 million. Part of that increase was driven by broadening its Reprice program to include more opportunities for lower rates on BECU loans or products, BECU stated.
In addition, its grant funding to local nonprofits increased from $1.1 million to $5.8 million in that same timeframe. This included the launch of its People Helping People Awards program, which has dedicated over $3 million of grant funding to member-nominated organizations since 2013, BECU said.
Search Is On
BECU said its board has established a CEO Succession Committee. Recruiting efforts will begin soon, which includes executing a nationwide search that will consider internal and external applicants, it added.
Retirement in Michigan
Meanwhile, in Grand Rapids, Mich., Barbara Page, president/CEO of the $73.5-million Intandem Credit Union since 2015 has announced plans to retire effective March 3, 2023. Kristen Plichta, current EVP, has been named as Page’s successor effective July 1. Page will stay on with the credit union to manage certain projects and assist with a smooth transition for Plichta, Intandem CU said.
Page joined what was then Kent County Credit Union in 2008 as the VP-operations before being named president/CEO seven years later.
The credit union said that during Page’s tenure its assets have grown by 66% and more net income was generated in her six years at the helm than in the previous 20 years combined.
“Serving as the president/CEO of Intandem Credit Union has been a great honor. Words cannot express how I feel about our credit union family. I am incredibly grateful for the opportunity, support and confidence shown by the Board of directors over the course of my tenure,” said Page. “I truly have had a gratifying and fulfilling career over the past 42 years.”
Page credited the board and a talented team of employees for the CU’s success.
A ‘Privilege’
“It has been a privilege to work with such a talented and inspiring team and would like to express my immense gratitude to the employees of Intandem CU for all the success they helped our Credit Union achieve, and for their dedicated service to our members,” said Page. “This is a bittersweet moment for me, but feel the time is right. The credit union has been my family for so many years; however, I am looking forward to the next chapter in my life, whatever that may be. In the meantime, I’m excited to spend more time with my husband and grandchildren. I am forever grateful for the support, respect, and encouragement from everyone over the years.”
Plichta joined the credit union in late 2017 and brings 28 years of experience in the credit union industry. She holds a Master’s in Business Administration from Western Michigan University and the credit union designations of Bank Secrecy Act Compliance Specialist (BSACS) and Credit Union Human Resources Compliance Professional (CUHRCP).
An ’Honor’
“It’s an honor to be asked to lead Intandem into the future,” Plichta said. “We have an extraordinary team of people that care about the work they do and making a positive impact on our members’ lives. Barbara has created a strong infrastructure. It’s been an absolute pleasure working for and with her over the past five years to help create that. With an outstanding team and a supportive and engaged board, I am looking forward to the ways we will build on that infrastructure moving forward.”
Intandem CU has approximately 5,200 members.