VACAVILLE, Calif.–Two well-known CEOs on opposite coasts have announced retirement plans.
In California, Barry Nelson, president and CEO of the $4.6-billion Travis Credit Union, said he will retire effective April 15, 2022.
Nelson began his career at the credit union in January 2000 as assistant vice president of finance, and was promoted to senior vice president and CFO in 2001, senior VP/COO in 2006, and became executive vice president in June 2013.
He was promoted to president and CEO in August 2014. At that time, the credit union had $2.3 billion in total assets and 163,000 members. The credit union now has more than 217,000 members.
The credit union noted Nelson supported the creation of the Travis Credit Union Foundation in 2018 with the vision of creating more opportunities for free financial programs for the residents of Travis Credit Union’s core counties, providing financial education, financial advocacy and financial literacy.
Under Nelson’s leadership, Travis Credit Union has also been recognized by numerous organizations for its accomplishments and for being a top credit union.
Healthy & High Performing
“As I close my chapter with TCU, I am proud that we are a healthy, high-performing credit union,” Nelson said in a statement. “In my role as a leader, I am fortunate to have worked with so many talented employees and volunteers who helped create a forward-thinking organization focused on changing lives and lifting communities through financial wellness.”
“Barry has played an important role in Travis Credit Union’s 70-plus years of quality services, products, and free financial education aimed at enriching the lives of members and the community,” said Travis CU Chairwoman Deborah Aspling. “Throughout his career, Barry has served our members and community through COVID-19, an upgrade of our core systems, created a foundation to promote financial wellness, and kept the credit union fiscally strong, garnering countless recognitions along the way. The board has a plan and will continue to focus on serving the membership with the same passion and commitment to our mission that has been demonstrated over the past 70 years.”
The credit union said a search for a replacement is under way.
Retirement at Hanscom FCU
At Hanscom Air Force Base in Massachusetts, President and CEO David S. Sprague has announced his retirement effective Jan. 3, 2022. Following his formal announcement to the organization, he was appointed to fill an open seat on the credit union’s board of directors effective Feb. 1, 2022, the credit union said.
Sprague has been Hanscom FCU’s top executive since 1996, and a “well-loved and respected senior leader” managing over 250 employees, Hanscom FCU said, noting it has grown to $1.7 billion in assets and membership has more than quadrupled to more than 90,000 members during his 25-year tenure.
“Sprague began his financial services career while earning his bachelor’s degree in accounting from Babson College in Wellesley, Massachusetts,” the credit unions aid. “He needed a part-time job while in school, so he was hired as a collector for the division of a regional bank. Once he graduated, he was moved up to an auditing job and over the years, continued advancing through positions of increasing responsibility. It was his work at Rockland Federal Credit Union, where he worked as a senior vice president to develop and implement a strategic plan, which most prepared Sprague for his role as Hanscom FCU’s CEO.”
Team Building & Empowerment
Hanscom FCU noted the CU expanded its retail orientation and completed six mergers under Sprague’s tenure.
“His belief in team-building, training, employee empowerment, and commitment to supporting technological advances allowed Hanscom FCU to deliver more conveniences and security to its members, from extensive web-based services to shared branching with thousands of other credit unions across the U.S.,” the credit union stated. “In his goal to help members do more with their money, he launched the credit union’s indirect auto lending program; Hanscom Insurance Agency, an insurance agency subsidiary; and Hanscom Investment Services, a financial services provider in conjunction with a licensed brokerage firm.”
Sprague has also been an “enthusiastic supporter” of Hanscom Air Force Base in multiple ways, including creating a partnership with the Junior Air Force Reserve Officer Training Corps with high schools in Lowell, Bedford, and Billerica.
He also helped oversee the creation of the Hanscom FCU Charitable Foundation in 2012, making a major commitment of $750,000 over five years to Home Base, a charitable organization that provides clinical care to veterans, service members, and their families who are suffering the invisible wounds of warfare. This year, the Foundation reached a milestone of donating over $1 million to Home Base since 2014, HFCU added.
A ‘Pleasure’
“It has been my pleasure to work on behalf of our members to build a credit union they can be proud of, one that serves their financial needs with a variety of outstanding products, services, and programs,” said Sprague. “Our search committee has done a terrific job evaluating internal and external candidates to lead the credit union. I’m confident the credit union will be in good standing for years to come.”
Chief Operating Officer Jim Potter will serve as the credit union’s interim chief executive until a successor is named