After nearly 35 years with Cornerstone Community Federal Credit Union, the last 17 as president and CEO, Ann Hood will retire effective Feb. 28, 2018, the $425 million CU said Monday.
Hood was hired by CCFCU in 1983 to work in the accounting department as the credit union’s bookkeeper. Shortly thereafter she was promoted to accounting manager and subsequently held the positions of assistant general manager and interim general manager prior to becoming president and CEO of the credit union in 2000.
Under Hood’s leadership Cornerstone’s assets have grown from $167 million to $425 million and membership has increased from 38,000 to more than 48,000. The organization converted to a community charter, experienced a name change, completed a data processing system conversion and added three new branches during her tenure.
“Ann has been instrumental in the success of our credit union over the last 35 years” David Nemi, chairman of the board, said in a statement. “Her leadership has allowed us to keep up with the needs of our members through safe growth, cutting-edge technology and excellent member service. Her commitment and dedication to Cornerstone have been remarkable.”
“I am honored to have had the opportunity to lead this credit union for the past 17 years,” said Hood. “I am very proud of what we have been able to accomplish, and that we have met every challenge we have faced with determination. Though my time with Cornerstone is coming to an end, I know the credit union is financially sound and well positioned for this transition. I am confident Cornerstone will continue to be a leader in the Western New York community. Even though I will miss the employees, volunteers and members, I am looking forward to a little relaxation and spending time with my family.”
To find a successor to Hood, the Cornerstone board of directors has enlisted John M. Floyd and Associates to assist with a nationwide executive search. A replacement is expected to be named in early 2018.
To make the transition a smooth one, the board has changed the structure of leadership, implementing a new chief operating officer position. The COO will be in charge of day-to-day operations, allowing the CEO to focus on the strategic planning and future direction of the credit union, the board said.
Established in 1957, Cornerstone Community FCU today serves all of Niagara County.
In 2016, CCFCU had $404,134 in net income, according to call report data. Its net worth ratio as of Dec. 31, 2016 was 7.14 percent (“well capitalized”).