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Credit Union 1's longtime CEO to retire at year end

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Credit Union 1's President and CEO Paul Simons will retire at the end of the year.

Simons has spent 48 years working in the credit union industry, including 32 years as the leader of Credit Union 1 in Rantoul, Ill..

“Paul has been a great leader not only at Credit Union 1, but in the financial services industry during his entire tenure as CEO,” Dan Ricci, chairman of Credit Union 1, said in a press release.

Simons has also served on the Illinois governor’s advisory committee for credit unions and the board for American Share Insurance Company.

During Simons’s tenure, Credit Union 1’s assets ballooned from $200 million to more than $1 billion. The credit union earned around $7.7 million through the third quarter of 2019, exceeding its $6.3 million earned throughout the entirty of 2018.

Simons shared his retirement plans with the credit union’s board about two years ago in order to plan for the credit union’s next CEO, the press release noted. A successor is expected to be named before the end of the year.

This story was updated at 1:33 P.M. ET on Nov. 21, 2019.

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