'Effective Communication Is About Meeting People Where They Are,' New CU EVP Shares

Name: Krassi Kassabov

Credit union: Lake Trust Credit Union ($2.6 billion, Brighton, Mich.)

Title: EVP, Chief Strategy Officer

Number of years at current credit union: Less than one

Educational background: Bachelor’s in business administration from Duquesne University in Pittsburgh, Pa.; MBA from American InterContinental University in Schaumburg, Ill.; attended the Consumer Bankers Association’s Executive Banking School

CU Times: What are your key responsibilities in your current role?

Kassabov: I am responsible for Lake Trust’s organizational strategy. Internally, I oversee how we translate strategic goals into tactical initiatives that drive growth for Lake Trust and our members. That includes considering how we position the institution through marketing and branding and how we advocate for our industry and members through government relations.

I’m also responsible for business development. I’m particularly interested in expanding how we serve micro businesses, which larger institutions often forget.

CU Times: What drew you to the credit union industry?

Kassabov: I grew up in a small town in Bulgaria. Around 24 years ago, I had the opportunity to study in America. My parents couldn’t afford to send me, but there were organizations like Lake Trust that stepped in to help. I’ve always wanted to do something similar.

After interviewing for my current position, I remember telling my wife it felt like exactly the kind of organization I’d been looking for. Lake Trust is a mission-driven environment that is laser-focused on the well-being of our members — especially those from low to moderate-income communities.

CU Times: What unique skills, experience and attributes do you bring to your role?

Kassabov: I am very focused on building relationships, something I believe is key to organizational success. I enjoy challenges and encourage open dialogue. If one person in the room has a question, others probably do, too, so I’m always willing to take the lead and ask the question.

CU Times: Which person (or people) do you credit the most for helping and supporting you along your career journey?

Kassabov: I’ve been fortunate to have multiple supporters and mentors throughout my life. The first is my wife. I wouldn’t be where I am today without her for many reasons. I’ve traveled a lot for work while she’s held down the fort at home with three kids — all while balancing a full-time job. She’s been my biggest enabler and cheerleader.

Professionally, several leaders at Citizens Bank continue to be important mentors. These include my first supervisor and my most recent manager, who constantly pushed me to develop new skills. All of these people saw strengths in me before I saw them myself and have been invaluable in preparing me for new opportunities.

CU Times: What are some of the biggest differences between working in your current executive-level role and your previous non-executive roles?

Kassabov: Before joining Lake Trust, I spent over 20 years at Citizens Bank, starting in frontline positions and ultimately progressing to leading enterprise-wide strategic initiatives. Thanks to the variety of roles I’ve held, I have experience in every area I’m now responsible for.

The most significant difference has been transitioning from a bank to a credit union, as the two models operate in distinct ways. However, it’s extremely refreshing to be in an environment that is overwhelmingly focused on members’ financial well-being.

CU Times: What’s a challenge you faced when you first joined your executive team, and how did you overcome it?

Kassabov: The biggest challenge so far has been navigating the operational nuances of credit unions versus banks, which I’m overcoming through learning. I’ve found Lake Trust’s leadership culture very helpful in that respect. Our team is located in the center of the first floor, and anyone can approach us. In the five months I’ve been here, I’ve had many productive conversations and met far more people than I would have in a more traditional setup.

CU Times: How would you describe your current leadership style?

Kassabov: I take a collaborative, people-centric approach. I firmly believe the best way to get things done is to surround yourself with partners. As I tell my team, ‘I don’t have all the answers, but we’ll make it happen together!’

CU Times: What are some lessons you’ve learned over your career concerning how to communicate well with others? And, do you approach communication differently depending on the generation of the recipient (boomer, Gen X, millennial and Gen Z)?

Kassabov: Effective communication is about meeting people where they are. For younger audiences, that could mean partnering with influencers to spread the word about our services. For Gen X and boomers, it might be finding opportunities for face-to-face interaction. We also need to communicate in a way that resonates. Each generation is different, and it’s crucial to recognize those nuances.

CU Times: What big-picture impact do you hope to make within your credit union, as well as for your members and community?

Kassabov: Lake Trust has built an excellent reputation within the communities it serves. My goal is to expand on that to reach more organizations and people who can benefit from our offerings. Inflation is high, and people are struggling. We need them to know that we can help.

I’m also passionate about mentoring. Growing up, I wish I’d had somebody to guide me toward success. That’s an area where I can now make a difference for the younger generation.

CU Times: What career advice would you give your younger self?

Kassabov: First, don’t be afraid to take risks. I’m very goal-driven, but I always weigh what could go wrong. So that’s advice I still give myself today! Second, give yourself some grace. It’s important to let yourself make mistakes. And lastly, take time to smell the roses. Setting ambitious goals is great, but you should also step back and focus on the things that matter most. For me, that’s my family.

Would you or someone you know like to share your journey to credit union leadership? Please reach out to Natasha Chilingerian at nchilingerian@cutimes.com. To qualify, the individual must be a part of a credit union’s leadership team or C-suite, and have a compelling story to share about their rise to their current leadership role.