For much of his professional career, 29-year-old Wade Brink worked for the largest community bank in the nation, First Citizens Bank, and one of the world's biggest global financial services companies, Credit Suisse Group.
Today, he is the president/CEO of a small credit union in Pennsylvania, Oil Country Federal Credit Union in Titusville, home of the nation's first successful commercial oil well, which was drilled in 1859 and launched the oil industry.
Though Brink said he loves being the CEO of a small credit union in a small town, where he sees strong opportunities for growth, many small and midsize credit unions are struggling to find or develop executive talent. Some small-asset credit unions are forced to merge when they are unable to attract new leadership.
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Moreover, with the national economy very close to full employment, it will lead to more turnover, and the demand for higher wages and benefits will continue to climb. This trend is compounded by the fact that baby boomer leaders are retiring in droves.
On top of these marketplace pressures is the increasing complexity of the regulatory environment and cybersecurity issues, making executive recruitment and succession even tougher for small credit unions.
Nevertheless, experts from the NCUA, NAFCU and other trade groups say small and midsize credit unions can take steps to address recruitment and succession issues by investing some resources and time into planning for inevitable management changes.
To find out how small and midsize shops can address executive recruiting and succession planning, read the March 9, 2016 print issue of Credit Union Times.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
