Financial Partners Credit Union the CEO Joe Schroeder Resigns

DOWNEY, Calif. – Joe Schroeder has resigned as president/CEO of $611 million Financial Partners Credit Union after eight years at the helm. Schroeder left on Dec. 17, 2003 to pursue other business opportunities, according to a press release from the credit union. Joseph Spetz, a member of Financial Partners CU’s board of directors for four years and a former senior executive at The Boeing Company, will act as interim president/CEO until a new candidate is selected, the release said. “We want to thank Joe for his many significant contributions to Financial Partners, and we wish him well in his new endeavors,” Spetz said. Spetz said the credit union recently began its search for a new CEO and expects to have someone in place over the next few months. The credit union serves more than 55,000 members with five branches throughout Southern California. Originally chartered in 1937 as N.A.A. (North American Aviation) Employees FCU, its name changed to Rockwell FCU in 1973 and finally to Financial Partners CU in 2001. In other news, on Jan. 1, 2004, El Segundo, Calif.-based Alltec Federal Credit Union officially merged with Financial Partners CU. Alltec has more than 800 members and $2 million in assets. Spetz said Alltec’s CEO and the credit union’s other one employee will become employees at Financial Partners. “Their sponsor company went through a series of changes that limited their ability to expand and grow,” Spetz said. “The board saw the opportunity to provide more products and services and provide better service to its members. Likewise, Alltec sought out Financial Partners due to their shared common bond of working with the aerospace industry, Spetz said, adding Alltec’s original sponsor company, Wiley Labs, provided products to Rockwell for many years. Of Alltec’s 800 members, 207 voted on the merger; 152 approved and 55 were against the acquisition. Spetz said a committee to explore the merger logistics was formed in July 2003. “The transition will be seamless to members on the first of January,” Spetz said. “Through our previous merger experience we have existing templates and manuals in place that allow for a smooth transition.” [email protected]