Farmers Insurance Group Federal Credit Union on Thursday said Mark Herter, its CEO for 22 years, will retire effective Jan. 1, 2019.
The $835 million CU, headquartered in Los Angeles, said its board of directors has named Laura Campbell as its next chief executive officer. Campbell has served at the credit union for 20-plus years, the past four years as president.
FIGFCU said Herter will transition his leadership role to Campbell in early August. Herter then will remain a board advisor until his official retirement.
The arrangement is similar to one recently announced by Hershey Federal Credit Union. As reported by Credit Union Journal on June 29, the Hummelstown, Pa.-based CU said it hired an “acting president and CEO,” effective July 2, who will “shadow” its current president/CEO until his retirement in February 2019.
Herter joined Farmers Insurance Group Federal Credit Union in 1985 as executive vice president. He assumed the role of CEO 11 years later. The CU said under Herter’s leadership, its assets have grown from $230 million to its current level, while its capital has increased from $24 million to $107 million. Membership has grown from 27,000 members to more than 51,000 to date.
“Mark’s many contributions have helped to make the credit union one of the largest and best-capitalized employer-sponsored credit unions in California and the nation,” Scott Lindquist, chairman of the credit union’s board of directors, said in a statement. “His commitment to the Farmers family and credit union members over the years has resulted in the outstanding position the credit union holds today.”
“Laura is well positioned to lead the credit union into the future,” Lindquist added.
In announcing his retirement, Herter reflected on his tenure: “I have enjoyed every single day, and take great pride in what we have accomplished together. I will miss the members and the staff terribly, but am delighted to say goodbye to my [four-hour round-trip] commute!”