MERRILLVILLE, Ind. - After more than 20 years at the helm of Members Source Credit Union here, Charles Donovan is retiring.

The Northwest Indiana-based CU said Scott Shelton, an examiner with the Indiana Department of Financial Institutions, has been selected as its new CEO.

Members Source CU cited several milestones achieved during Donovan's two decades. When he was hired in 1994 the credit union had fewer than 5,000 members and just $30 million in assets. It has grown to 8,000 members and more than $75 million in assets today.

MSCU originally offered membership only to select employees of NIPSCO. It now has a community charter and is open to anyone who lives or works in Lake, Porter, LaPorte and Jasper counties in Indiana.

Donovan is active in the Rotary Club of Crown Point, is a board member of the Indiana Credit Union League, and has served as vice president of the board of trustees of the CUCare group health insurance trust during the past two years.

Donovan also is credited with being instrumental in shared branching in Indiana, MSCU said. He is a past board member of Credit Union Centers.

Jeff Perz, MSCU's board chairman, welcomed Shelton. "Scott brings expertise in the areas of regulatory compliance and risk management," Perz said in a prepared statement. "He is a proven leader and is committed to member service and staff development."

Prior to his service with the Indiana DFI, Shelton had more than 15 years of commercial and consumer lending management experience.

Members Source Credit Union has locations in Merrillville, Munster, Griffith, Dyer, and Hammond, Ind.

 

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