Banking

CEOs of Virginia, Missouri credit unions to retire

Two longtime credit union leaders have announced plans to step down.

Charlotte Cash will retire this summer as president and CEO of CommonWealth One Federal Credit Union in Alexandria, Virginia.

The credit union’s board will hire a search firm to conduct a nationwide search to find its next leader, the company said.

Cash, who will step down Aug. 6, began her CommonWealth One career as its first marketing manager in 1985 and was named president and CEO in 2012.

She is only the third CEO in the $472 million-asset credit union’s 77-year history.

“When I was hired, credit unions nationwide were beginning to aggressively compete with small banks, and a bona fide marketing function was necessary if you wanted to be relevant,” Cash said in a press release.

Glenna Jarvis will step down as president and CEO of Missouri Central Credit Union on June 30.

Among Cash’s accomplishments was the development of CommonWealth One’s youth and adult financial education programs.

Glenna Jarvis will step down as president and CEO of Missouri Central Credit Union on June 30.

The $76 million-assset credit union’s board has hired D. Hilton Associates to conduct a nationwide search to find its next leader.

Jarvis began her career at Missouri Central CU in 1988 as a loan clerk. In 1993 she was promoted to vice president and chief financial officer, and in 1995 she became chief operating officer.

She held that position until she became president and CEO in 2003.

“The board would like take this opportunity to sincerely thank Glenna for her 33 years of service with Missouri Central Credit Union. Glenna’s leadership, knowledge and commitment have helped make Missouri Central Credit Union what it is today,” said Sam Voyles, board chairman, said in a press release Wednesday.

Jarvis was instrumental in the design and building of the credit union’s current headquarters that opened in 1995. She directed the launch of ATM and debit cards, indirect lending, online banking and bill pay, a mobile app, e-statements, e-signatures, ACH origination, business accounts, trust accounts and more.

“It has been a privilege to lead this credit union, and I am incredibly grateful for the support and confidence shown by the board of directors over the course of my tenure here. My advice for leaders of the future is to practice servant leadership and treat your staff as you would treat your best member,” Jarvis said in the release.

CommonWealth One earned $1.7 million in 2020, compared with $1.9 million the year before, according to call report data from the National Credit Union Administration. In the first quarter of this year, the credit union earned $195,000, compared with $98,000 in the year-ago quarter.

Missouri Central earned $220,000 in 2020, compared with $351,000 the year before. The credit union made $133,000 in the first quarter of this year after virtually breaking even in the first quarter a year ago.


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