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Change in pilot’s seat at Southwest Airlines Federal Credit Union

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Chuck Rutan, president and CEO of Southwest Airlines Federal Credit Union in Dallas, has retired effective July 1.

The $587 million-asset institution said on Friday that Cynde Jones has been promoted from executive vice president to lead Southwest.

Jones has worked in credit unions since 1993. She came to Southwest Airlines FCU in 1996 as its member services supervisor. She has served in several management positions in the two decades since, including 11 years as executive vice president.

SWACU said in a statement that Jones’ focus will be on “continued growth, financial stability and expanded technologies, along with additional products and services.” Jones is a “strong leader” with “vast experience” in the local and national credit union industry, the credit union said.

Jones serves on the legislative committees for both the National Association of Federally-Insured Credit Unions and the Cornerstone Credit Union League.

Rutan, who served as president and CEO since April 2008, played a “critical role” in Southwest’s growth, according to the credit union. Rutan is credited with integrating new technologies and creating new products and services, such as a 4% rewards checking account, mobile banking, online loan applications, remote deposit transactions and becoming involved with CO-OP Shared Branching.

Rutan has served as a board member for NAFCU.

In its most recent call report, Southwest Airlines FCU had roughly $2 million in net income during the first quarter, a 52% increase from the same period a year earlier. At March 31, it was considered well capitalized with a net worth ratio of 11.18%.

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