Heritage FCU divides CEO and president roles to sharpen focus on deals
Heritage Federal Credit Union in Newburgh, Ind., is splitting its president and CEO roles between two people so it can better focus on acquisitions.
The $657 million-asset credit union announced earlier this week that Tony Aylsworth will be promoted from chief risk officer to president. David Milligan, president and CEO, will continue as CEO. The change will happen on March 1.
“David’s going to focus a lot on external growth. We're in sort of acquisition mode,” Aylsworth told Credit Union Journal. “We're talking to different organizations. We want to grow, that's the nature of the business now.”
Aylsworth said that the credit union would sit down with any credit union or community bank willing to speak with Heritage Federal about a possible merger.
"We're all in the same boat. You have to grow or perish,” he added.
As president, Aylsworth will take over the day-to-day operations, such as overseeing the executive team. He'll also retain his responsibilities of chief risk officer while the CU searches for his replacement.
Aylsworth has over 25 years of experience working with financial institutions and has served as chief risk officer since May 2018.
Heritage FCU earned $4.3 million in 2019, up 20% from the year prior, according to call report data.