SPOKANE, Wash.–Margaret Osborn, who has led PrimeSource Credit Union and its predecessor, Telco Credit Union, for the past 20 years as CEO, has announced retirement plans, with the CU also naming a successor.
Osborn, who has been with the credit union for 34 years overall, will be succeeded by Annettee Babb, who is currently executive vice president.
The $94-million PrimeSource noted Babb is a financial industry veteran who has been employed at their credit union for 21 years, where she has held numerous positions, including branch manager and vice president of operations.
Prior to joining Telco Credit Union/PrimeSource, Osborn worked at Numerica Credit Union here for nine years, She was named CEO in 2001.
‘Like Family’
“My staff are like family members to me, and I am proud to have been their leader,” Osborn said in a statement released on the CU’s website. “I am grateful to have worked 43 years in the credit union industry and to also accomplish so many things for Telco/PrimeSource throughout my career as CEO.
“Being a smaller credit union, we wear many hats, and succession planning is imperative. I am confident Annettee is the right person to be my successor,” Osborn continued. “She has been my right hand for the past few years, and she has been a part of my management team for the past 16 years.”
Osborn’s last day as PrimeSource’s top executive will be June 30.
The 7,000-member credit union was chartered by Pacific Telephone Co. employees in an office basement in early 1935. Its FOM is now open to anyone who lives, works, and worships--or attends school in qualifying school districts--in Washington. It changed its name to PrimeSource Credit Union in 2005.