Chuck Albrecht, longtime president and chief govt of Mid Minnesota Federal Credit score Union in Baxter, is retiring.
The $650 million-asset credit score union introduced that Albrecht, who joined Mid Minnesota FCU in 2003 as CEO, is planning to go away the position in March of subsequent yr. Whereas Albrecht has been on the helm, the credit score union grew from $110 million of property to $650 million and expanded its membership base to greater than 55,000, up from 28,000.
“Chuck has been an asset to this credit score union, constructing a stable basis for the group to proceed to develop and serve our membership … Whereas we might be unhappy to see him go, we want him a cheerful retirement,” Theresa Goble, chairperson of Mid Minnesota FCU’s board, mentioned in a press launch Thursday.
The credit score union has recruited D. Hilton Associates to conduct a nationwide seek for Albrecht’s successor.
Earlier this yr, the Nationwide Credit score Union Administration superior a rule that may require federal credit score unions develop and cling to processes for succession planning.
The Nationwide Affiliation of Federally-Insured Credit score Unions and the Credit score Union Nationwide Affiliation argued of their responses that the proposed rule would unequally impression monetary establishments with smaller economies of scale, and as an alternative referred to as for added steerage and assets in lieu of a proper rule.
