With over 35 years of service, Industrial Credit Union’s President and CEO, Terri Salstrom, has announced her intent to retire next year.

The credit union has commissioned D. Hilton to lead a search for her successor.

Salstrom first joined the Bellingham, Wa.-based CU in September of 1982 and has served as the credit union’s president and CEO for the last 25 years. Under her leadership, the credit union expanded to serve more than 26,000 members across Washington State and beyond, with more than $245 million in assets.

Terri Salstrom, President & CEO of Industrial Credit Union
Terri Salstrom, retiring president & CEO of Industrial Credit Union

“I am grateful to have spent the past 35 years serving the members of Industrial Credit Union and am deeply honored to have had the opportunity to lead such a wonderful organization,” Salstrom said in a statement. “I am very proud of what the Industrial team accomplished over the past 35 years and have great confidence in the future success of the credit union.”

The credit union’s origins date back to 1941, when it started in a house kitchen that served employees of the Puget Sound Pulp and Timber Company. During her time at the helm, Salstrom helped grow the credit union by obtaining Community Development Financial Institution certification and a low-income designation, which helped expand the loan offerings available to members.

Along with her work at Industrial, Salstrom held leadership roles on the board and governmental affairs committee of the Washington CU League (now the Northwest Credit Union Association), and at the national level. Her leadership promoted partnerships, developed new products and services, and established Industrial Credit Union throughout the Washington community, the credit union said.

“We are truly thankful for Terri’s dedication to the Industrial Credit Union members and as we look to the future, we are grateful for Terri’s leadership and commitment to the long-term success of our credit union,” said Michael Ashby, chairman of the ICU’s board of directors. “We wish Terri a happy, healthy and well-deserved retirement.”

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