Chris Dawe has been appointed interim CEO of the $769 million Superior Choice Credit Union (SCCU) in Superior, Wis., replacing former CEO Tim Foster, who resigned last week.
“Chris Dawe has been appointed as SCCU's new CEO, bringing deep expertise in credit unions and a strong vision for the future. She is focused on strengthening our financial position while ensuring we continue to put our members first,”
SCCU Chief Brand Officer Kelli Koehler said, “We are confident that under Chris' leadership, SCCU will continue to grow stronger and uphold our commitment to creating connected communities.”
Dawe, who began working in the credit union industry in 1985, has been providing interim management services — particularly for credit unions with temporary financial challenges — since 2006.
At the end of last year, SCCU posted a $7,550,164 loss, and in December 2023, the credit union recorded a loss of $6,376,340, according to NCUA financial performance reports. In December 2023, SCCU’s delinquency and net charge-offs to average loans were considerably higher than the peer average, at 2.49% versus 1.17%, respectively. At the end of last year, the credit union’s delinquency and net charge-offs to average loans were 2.55%. The peer average at the end of 2024 was not available.
Dawe said SCCU has a solid management team and a tenured, engaged and supportive board that is vested in the credit union’s membership.
In addition to managing the credit union, Dawe said she will assist the board in finding a new permanent CEO.
“This is a nice size credit union in a nice area with lots of branches and opportunities,” Dawe said. “So I don’t think we’ll have any problems finding a new CEO at all.”
SCCU’s 145 employees manage 12 locations.
Foster, who began his CEO tenure in January 2021, grew the credit union’s assets and loans and expanded its membership through 2023.
At the end of 2021, SCCU posted $433 million in loans and $601 million in assets. By December 2023, the credit union recorded $639 million in loans and $804 million in assets, according to NCUA financial performance reports.
Membership also grew by 15,268, from 26,719 at the end of the first quarter of 2021 to 41,987 by December 2023, according to NCUA’s Call Reports.
Part of this growth came after the $99.7 million Hayward Community Credit Union in Hayward, Wis., and its 7,604 members merged with SCCU in January 2023.
From 2023 to 2024, however, SCCU’s loans fell from $639 million to $593 million, while its assets dropped from $804 million to $769 million. Membership also declined from 41,987 in 2023 to 39,829 last year, according to NCUA Call Reports.
Nevertheless, SCCU continued to be well-capitalized at 7.98% in 2023 and 7.35% in 2024, according to NCUA financial performance reports.
Foster posted a message on his LinkedIn page announcing his resignation, indicating that he had done so for family reasons.
“For now, I will be returning to Florida to assist my family, who have been dealing with hurricane-related damages since late last year,” Foster posted on LinkedIn last week. “I haven’t decided on my next move after that. Though I am excited to be able to take my time and make a decision that is right for me and my family. All the best!”
Foster also wrote that he was immensely grateful to the SCCU team for allowing him to contribute to their collective accomplishments and that his CEO experience had been truly remarkable.
“Our achievements in growth, creating a strong culture and transitioning away from legacy infrastructure have been nothing short of extraordinary,” he wrote.
“The connections and opportunities I gained while in northern Wisconsin/Minnesota are invaluable and I will carry those with me.”
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