History Made With CEO Appointment at One Detroit CU
The credit union names its first woman and African American to lead the 90-year-old organization.
One Detroit Credit Union has been a fixture in the Motor City for nearly 90 years and the small credit union, with $64 million in assets and 11,970 members, made history on Thursday when officials announced Portia Powell will be its next CEO beginning January 2025. Powell will become the first woman and African American leader in the credit union’s long history.
According to an announcement from One Detroit on Thursday, longtime President/CEO Hank Hubbard will retire from the credit union after 34 years. Hubbard will serve as CEO until Dec. 31, 2024 during the leadership transition and will take on a consulting role for One Detroit, “providing guidance and support during this pivotal time.”
“We are thrilled to announce Portia Powell as our next CEO,” Hubbard said. “Her leadership, vision and passion for social impact make her the ideal person to lead One Detroit into the future. After 34 years with this incredible institution, I am confident that under her guidance, the credit union will continue to thrive as a beacon of hope and opportunity to our community in 2025 and beyond.”
In a prepared statement, Powell said, “It’s an honor to lead an institution that has been such a vital part of Detroit’s fabric. I am committed to building on One Detroit’s strong foundation while innovating to meet the needs of our members in a rapidly changing financial landscape. Together, we will continue to uplift and empower our community, ensuring that everyone has access to the tools they need for financial success.”
Powell has more than 20 years of experience in the financial services industry and held various leadership positions at other financial institutions where she focused on operations, strategic growth and community engagement.
As a Minority Depository Institution and Community Development Financial Institution, Powell’s appointment marks a significant milestone in the organization’s history. “Her leadership is expected to usher in a new era of growth and innovation, further solidifying the credit union’s role as a leader in the financial services sector,” according to a statement published by the credit union.