SANTA ROSA, Calif.–Todd Sheffield has announced plans to retire as CEO of Community First Credit Union here.
Sheffield began working in credit unions 33 years ago, saying he admired the business model.
“I thought they were the good guys in the financial world,” Sheffield told the Press and Democrat.
Sheffield plans to step down on June 30 after leading the credit union for two decades.
During his career Sheffield has overseen growth from $91 million in 2001 to $664-mllion. That includes a 2017 merger with Mendo Lake Credit Union. At the time of the merger, the two CUs had $457 million in combined assets.
During his career, Sheffield has also served as CEO at Sonoma Federal Credit Union, CFO at Redwood Credit Union and controller at Cooperative Center FCU.
“We’re just looking for a clone,” Chairman John Burk told Press Democrat.
Deferred Payments
During the pandemic, Sheffield said the credit union deferred 4,652 consumer loans, about 20% of its portfolio. Community First also has waived more than $50,000 a month in common fees, such as “rush” payments over the phone or inactivity of an account or card. Those actions have given members some breathing room to help pay bills, the publication said.
“You’re not just trying to make a buck. Everyone wants to make a buck or two,” Sheffield told the Press Democrat. “There is nothing wrong with that. But that wasn’t the primary purpose that drew me into credit unions in the first place.”