Truliant CEO heads for the exit
Marc Schaefer, who has been CEO of Truliant Federal Credit Union in Winston-Salem, N.C., since 1995, has announced his intention to retire at the end of 2019.
Schaefer will be succeeded by Todd Hall, who has been president of the $2.6 billion-asset institution since he and Schaefer split those roles 18 months ago. A growing number of credit unions in recent years have begun splitting president and CEO duties, often as part of their succession-planning strategy. Many CUs are now moving succession planning beyond just the C-suite in order to better retain and develop talent across the entire organization.
A press release announcing Schaefer’s retirement credited him as having been an instrumental leader for the institution and the movement as a whole, noting his involvement in the push to pass the Credit Union Membership Access Act in 1998. Shortly after that was signed into law, Schaefer oversaw the transition as the credit union rebranded from AT&T Family Federal Credit Union to Truliant FCU.
Earlier this year, the credit union made headlines when it sued Truist Financial – the planned name for the institution resulting from the BB&T and SunTrust Banks merger – over its name and the potential for confusion in the market place. Truliant knows a thing or two about mergers; as its service areas has been subsumed by banking mergers in recent years, the credit union undertook an unusual strategy in 2017, pledging never to merge.
In the quarter-century Schaefer has helmed the institution, Truliant has from $400 million in assets to $2.6 billion, with membership increasing from 110,000 to more than 240,000 members.
“We are fortunate that the credit union message resonated with so many consumers through this period of great change. Truliant has achieved notable milestones, built an amazing workplace culture and grown our position in the broader market, all while keeping our mission to improve lives at the forefront of our journey,” Schaefer said. “It has been my great honor to dedicate my career to credit union movement. I am truly grateful to have worked collaboratively with so many talented individuals and organizations who put the high ideals of credit unions into practice for their members each day.”
Hall credited his predecessor with having “labored tirelessly to create a unique organization that people love, and consistently taken it to greater heights. An outstanding leader, we applaud Marc’s vision, his imprint on advocacy, culture, community and growth, as well as his work as a champion for credit unions worldwide.”
Truliant's most recent call report lists $5.6 million in net income during the first quarter of 2019, up 15% from a year earlier.