LOWELL, Mass.–A growth mindset and the right focus are critical for any credit union to succeed, according to Mark Cochran, who plans to retire as president and CEO of Jeanne D’Arc Credit Union later this summer.
But before he does so, he is sharing some of the knowledge and lessons he has learned along the way with readers of CUToday.info in this Exit Interview.
According to the credit union, Cochran has overseen growth from $600 million in assets to $2.1-billion, a 48% increase in staffing, the addition of four branches and the renovation of four others, and the creation of the We Share A Common Thread Foundation, which since its inception has donated more than $4 million directly to non-profit organizations in the Greater Lowell, Lawrence, and Southern New Hampshire communities.
In 2022 he was named CEO of the Year by the Cooperative Credit Union Association. A fuller bio listing Cochran’s career accomplishments earlier appeared in CUToday.info here.
Below, Mr. Cochran shares his thoughts and more in this CUToday.info Exit Interview.
CUToday.info: How did you come to be involved in credit unions?
Cochran: I was working at a bank when a former banking colleague reached out about an open position. The credit union he was working at needed a CFO and he thought of me. I realized then that what credit unions stood for fit my values and ideals, and from there the credit union movement became a passion for me.
CUToday.info: What lessons have you learned about driving and managing growth during your career, and has that evolved or changed?
Cochran: Growth in all areas of the credit union is absolutely necessary for success. Managing that growth in each of the areas--assets, loans, deposits, membership, and earnings--is about having a growth mindset and focusing on the right areas with a strategic plan, and mission that can be communicated and is applicable. You also have to have a culture that is growth-oriented. Energized team members drive growth.
CUToday.info: What lessons have you learned about managing people during your career, and has that evolved or changed?
Cochran: I strive to make each employee feel welcome and included. We now have more than 250 employees and it isn’t easy! I try to live by example and create an environment that is conducive to a friendly, fun workplace that results in frequent smiles. I believe the credit union mantra of People Helping People starts from within. Our people are indeed our greatest asset, and why our members continue to do business with us. I’ve always believed this, but I think the only change has been the continued increased importance of the value of a team.
CUToday.info: You helped establish a foundation at the credit union? What advice would you have for others considering doing the same?
Cochran: The We Share a Common Thread Foundation allows us to explicitly express our charitable focus and mission. We say that having people with a “heart to serve” is our differentiating quality, and giving is our physical expression. Giving back to the communities we serve is our commitment to our members. When our community prospers, we all benefit.
My advice to others is to be focused on what your foundation’s mission is and where you give. There is a lot of need out there, but we focus on organizations that expand access to food, shelter, healthcare, and education. By focusing on these pillars it allows us to make a bigger impact.
CUToday.info: What advice would you have for a new CEO, or someone who aspires to be?
Cochran: Listen. Be yourself. Connect with peers and colleagues. Stay relevant. Keep learning. I was fortunate to have several learning experiences that shaped my leadership style, such as Cardwell Group’s Leadership at the Peak, Stonier School of Banking, and MBA. All gave clarity on my journey. And don’t underestimate the value of a strong team; they help to determine your success.
CUToday.info: What is your view on the future of credit unions, if there is to be one?
Cochran: Each credit union needs a clearly defined mission that makes them indispensable in their community. Our financial performance is just a means to achieve great things for our members.