PLANO, Texas–Kathy Garner, CEO of Catalyst Corporate Credit Union, has announced plans to retire in March 2019, with the $2.6-billion corporate naming Bruce Fox as Garner’s successor.
Fox is currently vice president and chief investment officer with Catalyst.
Garner has led Catalyst Corporate Federal Credit Union since 2012, when the combination of Georgia Corporate Federal Credit Union and Southwest Bridge Corporate Federal Credit Union formed the new entity. During her tenure, Catalyst Corporate has grown to serve nearly 1,400 credit unions with a wide array of payment, liquidity and investment services, the corporate said.
“Notably, too, Catalyst Corporate’s financial strength has grown with a total capital ratio of 10.54%, a retained earnings ratio of 3.48% and an operating efficiency ratio of 87%,” Catalyst Corporate stated, adding it remains “well ahead of NCUA regulatory requirements.”
Nearly Three Decades in Corporates
Fox has spent more than 27 years with Catalyst Corporate and other corporate entities. In addition to directing asset/liability management, balance sheet management and lending functions, Fox serves as principal of Catalyst Strategic Solutions, Catalyst Corporate’s CUSO that provides balance sheet and advisory service to more than 360 credit unions with nearly $4.5 billion under advisement, the company said.
“Selecting Bruce Fox as Kathy’s successor is the logical choice,” said Lin Hodges, Catalyst Corporate chairman and CEO of Georgia-based Associated Credit Union. “Bruce’s many years of experience give him a deep understanding of Catalyst Corporate’s culture and mission of serving credit unions.”
Added Trevor Tokishi, Catalyst Corporate’s vice chairman and head of the CEO selection committee: “Bruce is the best choice to lead Catalyst Corporate, as he is well respected and ensures proven leadership. He understands the need for incorporating innovations into our traditional areas of expertise, including balance sheet management, payments and correspondent services.”
Fox said he is “excited to continue Kathy’s vision and carry Catalyst Corporate’s business model forward. I am happy to be working with our top-notch team to build on a legacy of excellent service to credit unions.”
Garner’s Career in Credit Unions
Garner has worked more than 37 years in the credit union movement—serving as CEO of Northwest Corporate for 12 years before her 11-year tenure at Southwest Corporate and Catalyst Corporate, with the last seven years as president/CEO. She has also served the credit union movement on numerous committees, boards and foundations.
“Credit unions have been my life’s work and it has been extremely rewarding,” Garner said in a statement. “People put the heart in the credit union movement, and on this journey I’ve had the opportunity to work shoulder-to-shoulder with so many passionate and dedicated credit union supporters.
“Catalyst Corporate has an outstanding group of professionals and a strong team serving our member credit unions,” Garner added “I have truly enjoyed leading Catalyst Corporate the last seven years and care deeply about the future of the organization.”
Catalyst Corporate said it continues to offer industry-leading innovations, including its Loan Participation program, which has facilitated sales of more than $2.5 billion worth of loans between credit unions, and development of next-generation payment services through TranzCapture—a CUSO jointly owned by Catalyst Corporate, along with Alloya Corporate and Corporate One.