OAK RIDGE, Tenn. — A CEO who has overseen strong growth during his tenure said some good advice he received from a farmer has translated well into credit unions.
After overseeing growth to $3.1 billion in assets from $1.6 billion since being named CEO of ORNL FCU in 2015, Colin Anderson has announced plans to retire Sept. 30.
As CUToday.info reported, Anderson joined ORNL FCU in January 2013 as CFO, and after becoming CEO he helped the credit union establish itself as an “an industry leader in financial innovation and brand reputation.
During his career he oversaw the implementation of new technologies, a data intelligence department, a new CUSO a rebranding and more.
In addition, Anderson has been very active in the community and in supporting the arts.
In this CUToday.info Exit interview below, he shares some of what he has learned during his career and advice for new leaders, as well as what that farmer had to say.
CUToday.info: How did you come to be involved in credit unions?
Anderson: I left the banking industry toward the end of the last financial crisis and was fortunate to work with an executive recruiter who gave me great advice about the credit union industry. He counseled me patiently on the industry, the differences in roles/culture and how credit unions were seeking experienced bankers.
After our discussions, I focused my efforts on joining a progressive credit union and I was lucky enough to be hired by ORNL Federal Credit Union and move to Oak Ridge, Tenn., where my daughter and son-in-law were living and working. I owe a huge debt of gratitude to Mike Juratovac for his professional advice and direction.
CUToday.info: What have you learned about driving and managing growth during your career, and has that changed?
Anderson: Credit unions are still disadvantaged by core system limitations. Until core operating systems provide robust cash management tools that equal those available in commercial banking, credit unions will have difficulty attracting commercial depository clients, which is the gateway to true commercial loan attraction.
Commercial deposits and the resulting revenue are still one of the biggest differences between banks and credit unions. While we've made progress, it's been too slow and incremental.
CUToday.info: What have you learned about overseeing and managing people during your career, and has that changed?
Anderson: Identifying and hiring good people is the key to success in any organization, including credit unions. In spite of all the changes that I've witnessed in my rather lengthy career (technology, regulation, accounting standards, branching and branding), the need for high-performing employees has been constant throughout.
Even in the current environment, credit unions will be able to differentiate themselves by attracting and retaining the best people. Hire good people, give them the equipment they need and get out of their way!
CUToday.info: You have been very active in the community. In addition to the good work those organizations do, does that activity also bring value back to the credit union?
Anderson: As a financial cooperative, we believe in the 7 Cooperative Principles and, especially the need to invest in your communities. ORNL FCU has a long and proud history of community involvement. We've made a number of unique community investments that have yielded great results and we find that communities and members respond well to these contributions and activities.
CUToday.info: What advice would you have for a new CEO or someone hoping to someday be one?
Anderson: The future is bright! Remain adaptable and eager to learn. The next generation of leaders will have great opportunities to make a difference in their credit union, for the industry and, especially, for the benefit of members. Take advantage of the culture and the creativity of credit unions! If you aspire to be a leader in the credit union industry, it is vitally important to be visible, collaborative and engaged.
CUToday.info: What are your thoughts on the future of credit unions, if there is to be one?
Anderson: As I mentioned, the future is bright; but don't forget the past. A former boss of mine, who also happened to be a farmer, reminded me of the importance of leaving the land better than you found it. Fertilize it, water it and nurture it so it is ready for next year. This advice applies to the credit union industry too.