Community First CU of Florida Names CEO

Community First Credit Union of Florida announced Friday that it has chosen its CFO, Sam Inman, to replace its retiring CEO at the end of August.

The Jacksonville-based credit union ($2.8 billion in assets, 174,187 members) had announced last September that President/CEO John Hirabayashi would be retiring in 2024 after leading the credit union for 28 years.

The board chose Inman, 61, after a national search. He joined the credit union in 1990 and was promoted to CFO in 1997. His current title is CFO and chief risk officer.

Board Chair Malinda “Lindy” Prudencio chaired the CEO Search Committee and partnered with a national search firm to interview candidates from credit unions across the country.

“Sam was the top candidate among some of the finest credit union leaders in the country,” Prudencio said. “We believe he is the best leader to secure and expand Community First’s future.”

Inman is a Jacksonville native who received his bachelor’s degree from the University of North Florida and his MBA from Brenau University.

“The credit union is an incredible local asset for our membership and our region,” Inman said. “I look forward to continuing the culture of engagement with our employees, members and community. Among our many successes, and a major part of John’s legacy, is living Community First’s Purpose by empowering employees, members and the wider community to live their best lives.”

Hirabayashi has worked with Inman since Hirabayashi came to the credit union as CEO in 1996, when the credit union — then called Educational Community Credit Union — ended the year with $258 million in assets.

By the time the credit union changed its name in 2005, its assets had nosed past $1 billion.

“I’ve had the privilege of working with Sam during my entire 28-year career with Community First and he has been instrumental to our growth and financial stability,” Hirabayashi said. “I am confident Sam will build upon our successes and take the credit union to the next level.”

Inman led a 2016 planning process that established a goal to surpass $2 billion in assets by 2020. The credit union succeeded, increasing its assets from $1.4 billion at the end of 2016 to $2.1 billion at the end of 2020.

The credit union news release said Inman also built the organization’s risk management function, expanded its ATM and branch network, and expanded its retail investment services program to over 5,000 clients and $400 million in assets under management.

The credit union’s net income in 2023 was $11.3 million, or a 0.94% return on average assets, down from 1.39% in 2022. That was better than the 0.69% ROA for all credit unions last year, which dropped from 0.82% in 2022. In the first quarter its annualized ROA was 0.54%.

Part of the transition period will include recruiting a new CFO to replace Inman on the senior leadership team.

Hirabayashi graduated from the University of Colorado in 1980 and got his MBA from Virginia Tech in 1986. He worked for PenFed from 1980 to 1989 and was CFO at Patelco Credit Union for 10 months before being hired as president/CEO of Cal State 9 Credit Union in 1990.

Hirabayashi will remain in Jacksonville and plans to stay active in the community. He said he looks forward to travelling, pursuing his hobbies and educational interests, and spending more time with his wife, Jan, along with his four adult children.