State Farm FCU CEO Tom DeWitt Announces Retirement

The third-largest credit union in Illinois, State Farm Federal Credit Union, announced Monday that its CEO Tom DeWitt will retire at the end of July after 31 years at the credit union.

According to a statement from the Bloomington, Ill.-based SFFCU ($5.6 billion in assets, 120,823 members), CFO Steve Gorrie will succeed DeWitt and become the next CEO on Aug. 1.

“Tom’s servant leadership and his focus on supporting the SFFCU mission to improve the financial well-being of our members is his true legacy,” SFFCU Board of Directors Chairperson Holly Roberts said. “He sees members and staff as his extended family, and anyone who knows Tom knows his commitment to family. Not only is SFFCU in a strong and secure financial position, but the positive work environment he has helped create resonates with both SFFCU staff and members alike.”

During his time at SFFCU, DeWitt oversaw two consolidations and grew the credit union’s asset size from $2.6 billion since the establishment of the current SFFCU structure in 2006. DeWitt has served on NAFCU’s board of directors since 2014 and is currently its chairman.

According to SFFCU, Gorrie has been with the credit union for 13 years. During that time he has served as COO and has been the CFO since 2011.

Gorrie currently serves on the Illinois Credit Union League Service Corporation’s board of directors and the NAFCU CFO Network Steering Committee.

“Steve is a seasoned leader and a familiar face to our members and staff. He brings a wealth of financial and industry experience and an in-depth understanding of the SFFCU mission, vision and values that will help lead us well into the future,” Roberts said.

SFFCU has 136 employees with one branch located inside State Farm Insurance’s headquarters in Bloomington, with members in all 50 states.