AUSTIN, Texas—Tony Budet learned a long time ago that while the credit union’s performance numbers are important, it’s
Tony Budet, UFCU
relationships that drive the business.
The CEO of University FCU said he came to that lesson almost 20 years ago, and it has helped the CU grow—as it has Budet himself, who has been named the 2014 CUES Outstanding Chief Executive.
Budet has been at the helm of UFCU since 2000—five years after the previous CEO, E. Burton Eubanks, walked into Budet’s office and told him he had work to do if he wanted to lead the credit union.
“I was CFO at the time, and Burton walked into my office, closed the door and told me he had decided to retire in five years,” explained Budet. “He told me the decision on his successor would ultimately be the board’s, but that if I wanted to be considered that I had to make some changes.”
Eubanks told Budet he needed to improve his people skills.
“He told me, ‘Tony, you stink at building relationships.’ He said, ‘I walk into your office and you always have your back to the door and are immersed in a data spreadsheet. You probably think that if the numbers at the bottom of the sheet are good that all is right with the credit union.’”
Budet told Eubanks that he was right.
“He then said, ‘With all due respect to accounting and finance, which are certainly important to our business, the credit union is actually a relationship business. It’s about people.’”
Eubanks mentored Budet on his business outlook and people skills over the next five years. The board named Budet CEO, and UFCU has steadily grown and prospered to become an integral part of the community. Assets and earnings have steadily risen, and membership growth over the last five years has averaged nearly 10%.
“I am here today because of that man,” said Budet, who will receive the CUES honor in early November.
Emphasis On Education
Under Budet's leadership, UFCU established numerous educational resources for its members, employees, and volunteers. Budet is a member of the Greater Austin Crime Commission. In 2013, UFCU contributed $100,000 to the Greater Austin community as a lead sponsor of Amplify Austin's 1st annual day of giving.
In 2010, UFCU was recognized as an exceptional Small Business Administration lender, and awarded the 2010 Rising Star Award by the San Antonio District of the U.S. Small Business Administration. UFCU was named one of the Best Companies to Work for in Texas in 2011.
In 2014, Budet was awarded the Rev. Dr. George J. Beto Community Leadership Award, presented by Concordia University Texas. Additionally, Budet is a member of the Filene Research Institute Leadership Circle and the Institute of Certified Credit Union Executives.
"Tony is the embodiment of what it means to be CUES’ Outstanding Chief Executive," said CUES President/CEO Chuck Fagan in a statement. "This award recognizes exceptional leaders who display professional achievement, employee motivation and dedication to the community."
UFCU’s investment in education is no small number on those spreadsheets the former CFO used to watch so closely. This year alone, the credit union has donated a total of more than $2 million to Texas State and to the University of Texas.
Budet said the $1.8-billion CU’s philosophy of reaching out and investing in local communities is “the virtuous circle. We invest in higher education, the schools produce the talent that we and other employers need in this city, and that helps to drive and draw business to Austin. On the tail-end we get checking accounts, auto and mortgage loans.”
Budet said that today he focuses on the CU’s mission and vision of supporting higher education and the community, and serving members’ needs.
“Anymore, I don’t really do anything internally that has to do with our operations. What I do is get out and be the face of the organization and ensure our staff buy into our mission and vision end execute on them every day.
“So the lending, the finance work . . . all that has been charged to my EVP and the VPs who report up to him,” continued Budet. “My EVP drives the business internally while I drive it externally. It’s a pretty nice partnership that allows us to push ahead and do some special things.”
With the CU focused on heavily investing in the community and giving back to members, the CU’s ROA stands at 80 BPs, and net worth is just above 8%.
“The numbers are good, but that is not what excites me or drives the credit union,” said Budet. “What I am looking for is relevance. I want to be part of something special that is going on in this city to the point where if we went away we would be missed. And if we stopped doing business, I know we would be missed.” –Ray Birch