LEWISTOWN, Mont.—Bob Bjelland, president and CEO of Fergus FCU here, has announced his retirement effective at year-end after 35 years with the credit union. During his career Bjelland has overseen growth to more than $70 million in assets from $4 million.
Below, Mr. Bjelland shares his thoughts on lessons learned during his career and on what might lie ahead for credit unions:
CUToday.info: How did you come to be involved in credit unions?
Bjelland: A few years after college, I learned of an opening with the Montana Credit Union League. I interviewed and received the job. My wife knew about credit unions as her parents had belonged to one through work in Columbia Falls. I knew very little about credit unions but liked the philosophy and did all I could to learn more about my new league consulting job. I worked nine years for the Montana Credit Union League, with the last three years mostly with Treasure State Corporate Credit Union, which were both in the same office in Helena.
CUToday.info: What have you learned about driving and managing growth during your career, and has that changed?
Bjelland: I started with Fergus Federal Credit Union in December 1984. We started with the usual advertising with radio, newspaper, newsletters, etc. and the growth started. We pushed the concept of serving the members the best we could, while banks were pulling back from the ag crisis. During the first few years in Lewistown, we grew quite rapidly for a small credit union. Over the remaining years, we pushed for steady, controlled growth. We strived to have net worth growth match asset growth to maintain and increase the net worth to asset ratio. The key factors are strong earnings and controlling delinquency to reduce loan losses. Growth comes from have a strong member service culture. Now we use many media outlets to get the message out.
CUToday.info: What have you learned about managing people during your career, and has that changed?
Bjelland: The most important factor is to hire good people. I have learned that once you hire a person, you have hired their work habits, motivation and people skills. You can try to improve on this, but it is difficult to change people very much. I was probably stricter with my staff in the early days, thinking I could mold them into what I thought they should be. Now, I am more laid back on managing them, and put more emphasis on what we want to accomplish.
CUToday.info: What advice would you give a new CEO just beginning their career?
Bjelland: I would advise them to see the big picture of what you are trying to accomplish. Be proactive and look for things that need to be done. Hire good people and trust them to do their jobs, while holding them accountable. Create a culture that encourages employees to succeed and serve the membership in a friendly, willing manner.
CUToday.info: What is your view on the future of credit unions, including smaller credit unions, if they are to have one?
Bjelland: I have always been sympathetic and a fan of small credit unions. They know all their members and how to serve them best. But the trend is that small credit unions are unable to cope with all the changes, technology and regulations, so they are closing or merging. The future is fewer credit unions and larger ones.