LATHRUP VILLAGE, Mich. — Credit unions in two states have named new leadership.
Michigan First Credit Union has a new leader to succeed the retiring Michael Poulos, who is exiting after leading the credit union for 22 years.
The $1.5-billion Michigan First has selected Jennifer Borowy has been appointed as its seventh president and CEO, effective Oct. 15.
Borowy has served as chief operations officer since 2019.
“I am honored and excited to carry on the vision for the long-term success and growth for the communities we serve,” said Borowy, who has overseen Michigan First operations since she joined the credit union in August 2018.
“Over the last 22 years, Michael has transformed Michigan First into one of the premier credit unions through his focus on member experience. It has been a pleasure working with and learning alongside him.”
Added Poulos, “Jennifer is extraordinarily talented. Michigan First is truly in great hands.”
A Tenure Marked by Growth
When Poulos was named CEO in 2000, Michigan First Credit Union (then Detroit Teachers Credit Union) had over 53,000 members, 147 employees, and four branches. Today is has 185,000 members, 500 employees, and 29 branches.
Poulos also spear-headed partnerships with major retailers and launched the 365 Live Call Center, becoming the first credit union to offer 24/7 service.
“It has been a blessing to have such an outstanding board of directors to work under, a fabulous group of leaders to serve with, and a team that is second to none,” said Poulos. “I owe a tremendous debt of gratitude to them for all the success we have experienced.”
‘Amazing Job’
Linda Height, president of the Michigan First Credit Union board, who has served 14 years with the outgoing CEO, added, “Michael has done an amazing job from day one and it has been a pleasure to work with him. He has lead Michigan First to a new level of success and the entire Board wishes him well in his retirement. We are excited to work with Jennifer and look forward to continued success.”
New CEO at RIPCO
Meanwhile, in Rhinelander, Wis., the $188-million Ripco Credit Union has named Jennifer Grinder will serve as its next president and chief executive officer (CEO).
Grinder is currently the chief retail officer at the $748-million Resource One Credit Union in Dallas. Grinder began her credit union career 13 years ago, overseeing a range of functions including business development, marketing, human resources, training, and operations.
“It is an honor to be named the next president and CEO of Ripco Credit Union. I am grateful for the confidence the board of directors has placed in me to lead the credit union,” said Grinder. “Ripco has a rich history as a trusted financial services provider and community partner. I’m passionate about continuing our pursuit of helping members achieve their dreams, while making a positive impact in our communities.”
‘Lifelong Learner’
According to DDJ Myers, which handled the search and which recently became an ALM First company, Grinder is a lifelong learner who acquired her bachelor's and master’s degrees in 2015, and 2017 respectively.
In addition to her formal education, she holds multiple certifications, including Certified Financial Counselor, Certified Credit Union Marketing Executive, and Credit Union Development Educator, the company said.
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