October Marks a Milestone for Two CU CEOs

There is something weirdly and universally timed in that as the leaves begin to change, so does the leadership at two credit unions in Massachusetts and Indiana.

On Oct. 1, two women replaced two men to become their credit union’s CEO; a first for one credit union and a historic second for another.

Larissa Thurston, who was appointed to the president/CEO position for the $975.8 million St. Mary’s Credit Union in April, started the new job at the Marlborough, Mass.-based credit union. She replaced James Garvey, who retired after eight years at the helm.

Thurston has been with St. Mary’s since 2014 as its CFO and has more than 20 years of banking experience.

“The board has been impressed with Larissa’s outstanding leadership since she joined St. Mary’s Credit Union and we look forward to many successful years ahead as she leads the credit union in delivering high-tech offerings, high-touch personal service and exceptional value for our members,” Chair of the Board of Directors Gerard P. Richer, Esq. said.

“Leading an organization that has been serving our family, friends and neighbors for more than 100 years is a true honor,” Thurston said. “I’m excited to continue the traditions and legacy of those leaders who came before me and to grow the credit union with high-tech access and convenience for our members while also supporting our communities as responsible corporate citizens.”

On the same day, nearly 1,000 miles away, Marie Shanks also became the second female president/CEO at Indiana State University Federal Credit Union’s ($130 million in assets, 9,713 members) history. She replaced the credit union’s longtime President/CEO Trent Kerr, who announced his retirement last month.

According to the credit union, Loeva Piepenbrink was ISUFCU’s first female CEO. She ran the credit union from 1960-1988.

Shanks has spent her entire career at ISUFCU, where she began in 1982 as a student worker at the credit union. Since 1991, Shanks has served as the credit union’s EVP.

“I’ve been with the organization through years of expansion and growth and with that, my commitment to the credit union and ISU community has followed suit. Looking back, I never intended on being a leader of this organization, but now more than ever, I am dedicated to the financial cooperative philosophy,” Shanks said.

ISUFCU Board of Directors Chairman Andrew Southard said, “On behalf of the ISU Credit Union board of directors, I am excited to announce that Marie ‘Sam’ Shanks will be the next president/CEO. Through the years, Sam’s drive, determination and perseverance led her to excel in her former role as executive vice president. I know Sam will be an excellent president/CEO. The board looks forward to seeing her success and growth of the credit union under her tenure.”