ST. PAUL, Minn. – The well-known and well-traveled Tom Glatt has been named CEO of St. Paul Federal Credit Union here.
The $132-million CU will be holding an open house next week at its main office to introduce Glatt to some of its 10,400 members.
For the past four years Glatt has been Principal with Centellect Consulting in Las Vegas, which offers various consulting services to credit unions.
In 2008 Glatt was named the first-ever CEO of start-up REALTORS FCU, a virtual credit union that was chartered with much fanfare to serve the more than one-million members of the National Association of Realtors. But the credit union never met expectations, and Glatt left in 2010 after less than two years. Having lost money from the time it opened, REALTORS FCU was eventually merged into Northwest FCU in Herndon, Va., and today it operates as a separate brand of NFCU.
Prior to REALTORS FCU, Glatt led Continental FCU in Phoenix, which served the airline of the same name. Glatt left Continental in 2008 to take the REALTORS job. Two years later, in 2010, with the then $170-million Continental FCU dealing with loan quality issues and some losses, and with its sponsor company airline merging with United Airlines, the CU agreed to merge with Alliant FCU in Chicago. NAFCU named Glatt its CEO of the Year while he was at CFCU.
While at Continental Glatt was an outspoken critic of an attempt by Wings Financial Credit Union, based in the same market where Glatt is now taking over as CEO, to attempt what he termed a “hostile takeover” of CFCU. After being rebuffed by the board of Continental FCU, Wings Financial went directly to members of Continental Federal with its merger bid, which included an offer of up to $200 per member to vote in favor. NCUA eventually nixed the bid over the offer of those payments.
The merger attempt was the subject of considerable discussion and debate in credit unions.
For more than 16 years prior to his term at Continental, Glatt was a well-known speaker at credit union meetings in his position as a consultant with Counter Intelligence Associates. He has also held positions at OnPoint Community Credit Union (then Portland Teachers Credit Union), First Financial FCU in West Covina, Calif., and 66 FCU in Bartlesville, Okla.