CALEDONIA, Mich.–With plans to retire in March, Lake Michigan Credit Union has named a successor to CEO Sandra Jelinski.
The $12.9-billion LMCU said it has selected Julie Leonard to lead the organization. Leonard is currently EVP/CFO with the $17- billion Suncoast Credit Union in Tampa.
In a statement announcing the change, Lake Michigan Credit Union noted that during Jelinski’s 23-year tenure the credit union grew from $300 million in total assets to its current asset size of nearly $13 billion, in addition to growing to nearly 500,000 members.
Jelinski has also overseen the opening offices in several markets across Michigan and in the last decade the CU’s move into Florida through the acquisition of community banks in markets on the Gulf Coast. It has 69 offices overall and reported $126.8 million in net income as of its Sept. 30, 2023 call report.
‘Bittersweet Decision’
The credit union is the largest in Michigan.
“LMCU has been my professional home, and so much more, so the decision to retire is certainly bittersweet,” Jelinski said in a statement. “Working alongside our Michigan and Florida teams, who are more than 1,650 strong, it has been a true privilege to help our members realize their financial dreams and goals. LMCU is blessed to have one of the absolute best management teams and board of directors, whose combined experience, talent, and drive will benefit my successor as they work together to drive the credit union to new heights and execute our long-term growth strategies.”
It recorded $126.8 million in net income for the first nine months of 2023.
Jelinski’s “vision to transform the credit union into one of the leading financial institutions in the country, including expanding operations in Michigan and Florida, has positively shaped the last several decades,” Gretchen Tellman, board chair for LMCU, said in a statement. “We wish Sandy all the best in her well-deserved retirement and are so very grateful for the leadership she has provided to LMCU, as well as the unwavering commitment she has had to serving our members, staff, and local communities.”
‘Great Depth of Experience’
As for the new CEO, Tellman added that Leonard “brings a great depth of experience in financial services, and a keen understanding of the Florida market, as well as being a Michigan native. She has clearly demonstrated that she is a charismatic, capable, and experienced leader, as well as a great team builder who is deeply engaged with the community. We are confident she will continue LMCU’s remarkable growth trajectory and solid commitment to always doing what is right for our members.”
Leonard said in LMCU’s announcement that she was “thrilled to be selected as the leader of such an amazing and successful credit union.”
An ‘Honor’
Added Leonard, “What an honor to join such a talented team that improves the lives of its members and has such a positive impact on communities across Michigan and Florida. I look forward to working closely with the LMCU team to serve and positively impact our members by building on the impressive success LMCU has experienced under Sandy Jelinski’s leadership.”
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