In Memoriam: Thomas Sargent

The $14.7 billion First Tech Federal Credit Union, headquartered in San Jose, Calif., announced last week that its former president/CEO, Thomas Sargent, died unexpectedly on Nov. 26.

Sargent retired in 2010 after serving at the helm of First Tech for 25 years. He began his financial services career at the age of 17 at U.S. Bank, and prior to joining First Tech, Sargent served in leadership roles at several Pacific Northwest credit unions including St. Helens Community Credit Union (now the $352 million, St. Helens, Ore.-based InRoads Federal Credit Union) and the $284 million, Portland, Ore.-based Pacific NW Federal Credit Union. First Tech has a strong presence in the Portland metro area.

According to First Tech, Sargent guided the credit union through a period of innovation and growth, which included developing the nation’s first online banking solution that provided a wide variety of digital banking options with secure internet transactions for members. Prior to his retirement, Sargent initiated First Tech’s merger with Addison Avenue Federal Credit Union, which allowed it to grow into a $4.5 billion institution. He also served on the board of CO-OP Financial Services for many years, including as chair from 2003-2005. In 2009, he received the Herb Wegner Memorial Award.

“Tom was one of the most passionate leaders in our industry and long after his retirement, Tom continued to advocate for our members, employees and communities as a member of our board of directors and as an active supporter of First Tech’s charitable efforts,” First Tech President/CEO Greg Mitchell said in a prepared statement. “Tom was an inspirational leader who always placed the interests of members first. He was open to new ideas and developed collaborative relationships, which contributed to a positive member experience and a challenging, exciting and rewarding work environment for employees.”

Sargent was also known for his extensive contributions to Children’s Miracle Network hospitals and initiating the Credit Unions for Kids fundraising program. He was the first credit union CEO to serve as chair of Children’s Miracle Network, establishing the first seven-member Credit Unions for Kids National Advisory Board that is still active today, First Tech said. He also started the “Hank & Moose Open” summer golf tournament in 2000 (now the Northwest Classic), which has since raised more than $10.7 million for Children’s Miracle Network. In addition, his commitment to compassionate medical care led to the development of the Tom Sargent Safety Center at OHSU’s Doernbecher Hospital in Portland, which has asked for donations in his honor.

“All of us at Children’s Miracle Network Hospitals are saddened at the loss of Tom Sargent, one of the great champions in our organization’s history,” Children’s Miracle Network Hospitals President/CEO Teri Nestel said in a prepared statement. “He leaves behind a legacy that epitomizes helping others – most notably, the creation of Credit Unions for Kids, which has now raised an astonishing $150 million in the past 25 years. As a member and chairperson of the CMN Hospitals Board, Tom brought a vision that’s made a lasting impact on 170 children’s hospitals in the U.S. and Canada and millions of families, each year. He will deeply be missed.”

Those wishing to send cards to the Sargent family can address them to: Melissa Staley, Executive Admin., First Tech Credit Union, 5100 NW Dawson Creek Dr., Hillsboro, OR 97124.