Two Billion-Dollar Credit Unions Name New CEOs

Two new CEOs will take over the helm in October at billion-dollar credit unions in Washington and Michigan.

The board of directors for Harborstone Credit Union in Lakewood, Wash., selected Geoff Bullock to succeed Phil Jones, who is retiring after 15 years of service.

During Jones’ tenure, the credit union grew assets from $598 million in 2007 to its current assets of $1.8 billion, while loans increased from $381 million to $1.3 billion and membership expanded from 49,466 to more than nearly 86,000, according to NCUA Call Reports.

Bullock most recently served as EVP of member experience at the $4.2 billion Royal Credit Union in Eau Claire, Wis. His previous credit union experience included working as an engagement/strategy officer for the $1.5 billion Firefly Credit Union in Burnsville, Minn. Bullock also has served in leadership positions at Lutheran Social Service in Minnesota and the Northwest Leadership Project in Brooklyn Park, Minn., according to his LinkedIn profile page.

“Geoff is an inspirational and innovative leader,” Harborstone Board Chair Ann Anderson said in a prepared statement. “Based on our thorough and independently-led executive search process, we’re confident Geoff is the strongest fit to drive Harborstone into its next phase of growth and success.”

Bullock is expected to transition into his new position at the end of October, the credit union said.

Harborstone’s 280 employees operate 15 locations.

The retiring president/CEO of Michigan First Credit Union Michael Poulos announced in a recent LinkedIn post that his successor will be Jennifer Borowy.

Following 22 years of service, Poulos said his last day on the job will be Oct. 14.

During his tenure, the Lathrup Village-based credit union grew assets from $298 million in 2000 to its current assets of $1.4 billion, while loans increased from $103 million to $1.4 billion and membership expanded from 53,000 to more than 187,000, according to NCUA Call Reports.

“It has been a blessing to have such an outstanding Board of Directors to work under, a fabulous group of leaders to serve with, and a team that is second to none in serving our fellow human beings. I owe a tremendous debt of gratitude to them for all the success we have experienced,” Poulos wrote. “Following in my footsteps will be Jennifer Borowy, as our seventh CEO ever. She is extraordinarily talented and ready to lead our 500+ skilled and talented team members in serving almost 190,000 members. Michigan First is truly in great hands!”

Borowy joined Michigan First in 2018 as its chief member experience officer. A year later she was named COO.

She previously served as president/CEO for the $114 million Buckeye State Credit Union in Akron, Ohio.  Before joining the credit union movement, Borowy worked at PNC, according to her LinkedIn profile page.

Michigan First’s employees operate 28 locations.