Maine-based mortgage CUSO names new CEO
Russell Cole has been named the new president and CEO of CUSO Home Lending, a mortgage lender based in Hampden, Maine.
CUSO Home Lending is a licensed mortgage company owned by four Maine credit unions and the Maine Credit Union League.
Cole will also serve as president and CEO of CUSO’s subsidiary, Business Lending Solution, effective October 9.
In both positions, Cole will succeed John Reed, the longtime CEO and founding director of CUSO Home Lending and BLS, who is retiring.
Reed will continue to serve on the CUSO’s board, and as president and CEO of $387 million-asset Maine Savings Federal Credit Union in Hampden, Maine.
“After an extensive national review process, we are confident in our selection of Russ,” stated Todd Mason, chairman of CUSO Home Lending, and president/CEO of the Maine Credit Union League and Synergent. “He is a native Mainer with a strong background in lending and executive management. Importantly, he is also a good cultural fit sharing the vision to make residential and commercial lending the best option available to every member via their credit union. This includes ensuring CUSO and BLS provide the full range of options to enable credit unions to be leaders in these important areas.”
Cole’s most recently ran his own consulting firm, working with mid-sized businesses. Before that, he held a number of executive-level positions, including president and CEO of First Ipswich Bank and Ocean National Bank, as well as vice president positions at Maine National Bank and First NH Mortgage Corporation, among others.
According to his LinkedIn page, Cole has a Bachelor’s Degree in accounting and business/management from University of Maine
Cole said he plans “to build on the success that CUSO and BLS have enjoyed for so many years, and look for ways to make its services even more accessible to more credit unions.”