BURNSVILLE, Minn. – Bill Raker, the president/CEO of Firefly Credit Union, has announced plans to retire at the end of this year.
Raker has served as Firefly’s chief executive for more than 20 years, overseeing growth from approximately $250 million in assets to $1.2-billion today.
Raker’s career with Firefly began in 1985 as a member of the board of directors. After 12 years with the board, including time as the board chair, he was named president/CEO in 1997.
Firefly CU noted that during his time as president the CU achieved numerous milestones, including the adoption of one of the nation’s largest community charters in 2004. Originally founded as a credit union serving Minneapolis postal employees and formerly known as US Federal Credit Union, Firefly’s FOM now includes those who live, work, worship, attend school or volunteer in the seven-county metro area surrounding Minneapolis and St. Paul.
Under Raker’s leadership the credit union has received dozens of national and statewide awards for community service, financial education, lending, training, and marketing. Firefly has been recognized as a National Standards Top Workplace and an Employer of Excellence, the credit union stated.
During his career Raker has served on several regional and national boards including CUNA’s Governmental Affairs Subcommittee, Federal Credit Union Subcommittee (Chair), Examination Supervision Subcommittee, Credit Union Powers Subcommittee, and Due Diligence Task Force. He has also served on NCUA’s Risk-Based Capital Working Group, Derivatives Working Group, and was Chair of the CU Service Centers Executive Committee as well as the Minnesota Credit Union Network.
In addition, Raker was named to the World Council of Credit Unions International Executive Volunteer Corps for his industry efforts in Paraguay and Cambodia; in 2009 was awarded the Minnesota Credit Union Network’s Outstanding Credit Union Professional of the Year; in 2015 was inducted into the Credit Union Hall of Leaders at the Credit Union House in Washington, D.C., and in 2016 was added to the Credit Union Executive Society’s Hall of Fame for lifetime achievement and contributions to the credit union movement.
Raker first worked with credit unions while teaching mathematics at Fort Knox High School in Kentucky during the 1970s, where he was a faculty advisor for what became the first student-run credit union in the nation.
“Almost 50 years later Bill was a catalyst in Firefly’s student-run branch at Burnsville High School, an initiative that has received national recognition in both the academic and credit union communities,” the credit union said.
In his local community Raker’s service has included the Inver Hills Community College Foundation Board of Directors, the Prepare+Prosper Board of Directors and the Burnsville Chamber of Commerce (Chair).