CEO of Washington's Largest Credit Union Plans Year-End Retirement

Benson Porter, president/CEO of Washington’s largest credit union and the fourth largest financial cooperative in the nation, said Tuesday he plans to retire at the end of this year.

He was one of several CEOs at multi-billion-dollar credit unions that have announced retirements in recent days and weeks.

“I’m incredibly proud of the work we do at BECU and the positive difference our employees make each day in serving our members and communities, especially navigating through the pandemic,” Porter said in a prepared statement. “The past two years have inspired self-reflection for us all and reinforced for me that the time is right for me to retire.”

Since Benson was appointed CEO in 2012, the Tukwila, Wash.-based BECU grew its assets from just under $10 billion to its current $30.4 billion at the end of the first quarter. During his 10-year tenure, membership expanded from more than 800,000 to more than 1.3 million. The credit union also increased its business services to serve more than 68,600 business members in local communities, according to BECU.

“Over the next few months, I remain committed to our work of transforming our employee and member experiences and helping set the stage for the next chapter of BECU,” he said. “I am confident our next leader will bring fresh approaches to drive our work forward in line with our purpose.”

BECU’s board of directors has established a CEO succession committee to select its new leader. Recruiting efforts will begin soon, which will include considering internal applicants and external candidates, the board said.

“On behalf of the entire board, I want to share our heartfelt appreciation for Benson’s dedicated service to BECU and our members. Through his leadership, the credit union has continued its commitment to the ‘people helping people’ philosophy,” BECU Board Chair Debra Somberg said in a prepared statement. “The cooperative has grown, innovated and expanded its offerings to improve the financial health of its more than one million members and their communities. Along the way, Benson has built a unique culture for its employees, driven by the organization’s values and purpose.”

After 44 years of service to Rhode Island’s largest financial cooperative, Gary F. Furtado, president/CEO of the $3.2 billion Navigant Credit Union in Smithfield, said he will retire at the end of this year.

He joined Navigant, then known as Credit Union Central Falls, as an accountant in 1978 and was named CEO in 1987.

During his CEO leadership, the credit union grew from one branch in Central Falls to its current 23 branches throughout the state that serve more than 126,000 members.

“Serving as Navigant Credit Union’s president/CEO has been a privilege, an honor and one of my life’s greatest joys. I feel blessed to have had an exciting, long and successful career, surrounded by talented and passionate colleagues,” Furtado said in a prepared statement. “I offer my sincere gratitude to Navigant Credit Union’s members, our employees, our board of directors, and our friends and neighbors across Rhode Island. Together, we’ve built something special that will last.”

Navigant’s board of directors formed a committee to conduct a comprehensive, national search for a successor. Furtado will continue to serve as CEO throughout the search and will work with his successor and the board on a transition plan. The board said it expects to name a successor in the coming months.

“Gary Furtado is a bona fide visionary leader, a quintessential representative of credit union principles and values, and a respected mentor and friend to the countless colleagues he’s touched over the course of his career,” Navigant Board Chair Ann Kashmanian said in a prepared statement. “His impact on Navigant Credit Union, Rhode Island’s business community and the national credit union industry truly cannot be overstated. On behalf of the board and Navigant Credit Union’s entire community, I wish him well on his retirement.”

Also retiring at the end of this year will be Pete Gates, president/CEO of Michigan Schools and Government Credit Union in Clinton Township.

He has served at Michigan’s sixth largest financial cooperative since 1998.

During his CEO tenure, the credit union grew assets from $269 million to $3.1 billion while membership expanded from 34,183 to 137,204, according to NCUA Call Reports.

“I have enjoyed my time with MSGCU and am proud of what we have accomplished as a team, the value we have provided to members and communities, and being a top workplace for our team members,” Gates said in a prepared statement. “I look forward to seeing the credit union’s continued growth and service to members under the new CEO.”

A national search for a successor is underway, the board of directors said.

“We have had the benefit of his exemplary leadership for over two decades,” MSGCU Board Chair William Cayen said in a prepared statement. “We thank Pete and wish him the best in his future endeavors.”

At South Carolina’s third largest financial cooperative, Sharonview Federal Credit Union, President/CEO Bill Partin said he will retire at the end of this year.

During his CEO tenure, which began in 2013, the credit union’s assets grew from $1 billion to more than $1.8 billion, while membership expanded from 65,755 to 106,153, NCUA Call Reports showed.

He launched a 42-year career in financial services, starting as a drive-up teller at Lloyds Bank of California and later served as chief member services officer at the $2.5 billion Partners Federal Credit Union in Burbank, Calif., before joining the Indian Land-based Sharonview.

“I am immensely proud of the team we have at Sharonview and for the business and culture – for our members and ourselves – that we have built. I am grateful and humbled to have had the opportunity to lead the team and grow as a leader here,” Partin said in a prepared statement. “I will always be grateful that my career journey brought me to Sharonview.”

The credit union’s board of directors said a national search for Partin’s successor is underway.