Two Billion Dollar Credit Unions Name New Executives and More News

Published by
Peter Kavinsky
New credit union leadership announced. (Image: Shutterstock)

In October, two new CEOs will take over billion-dollar credit unions in Washington and Michigan.

The board of directors of the Harborstone Credit Union in Lakewood, Washington chose Jeff Bullock to replace Phil Jones, who is retiring after fifteen years of service.

During Jones’ tenure, the credit union increased assets from $598 million in 2007 to current assets of $1.8 billion, while loans increased from $381 million to $1.3 billion and membership increased from 49 466 to over nearly 86,000, according to NCUA Call Reports.

Most recently, Bullock served as Executive Vice President Membership for the $4.2 billion Royal Credit Union in Eau Claire, Wisconsin. also held senior positions at Lutheran Social Services in Minnesota and the Northwest Leadership Project in Brooklyn Park, Minnesota, according to his LinkedIn profile page.

Jeff Bullock

“Jeff is an inspiring and innovative leader,” Harborstone CU Chairman Anne Anderson said in a prepared statement. “Based on our rigorous and independent executive search process, we believe Jeff is best placed to lead Harborstone to the next phase of growth and success.”

Bullock is expected to take up his new position at the end of October, the credit union said.

280 Harbourstone employees work at 15 locations.

Outgoing First Michigan Credit Union President/CEO Michael Poulos announced in a recent LinkedIn post that Jennifer Borowie will be his successor.

After 22 years of service, Poulos said his last day of work would be October 14.

During his tenure, the Latrup village credit union increased assets from $298 million in 2000 to current assets of $1.4 billion, while loans increased from $103 million to $1.4 billion and the number members increased from 53,000 to over 187,000, according to NCUA call reports. .

Jennifer Borowie

“It has been a blessing to have such an outstanding board of directors to work with, an amazing group of leaders, and a team that is second to none in serving our fellow human beings. I am deeply indebted to them for all the progress we have made,” Poulos wrote. “Jennifer Borowie will follow in my footsteps as we become our seventh CEO. She is extremely talented and is ready to lead our team of over 500 experienced and talented employees serving almost 190,000 people. Michigan First is truly in good hands!”

Borovi joined Michigan First in 2018 as Chief Membership Specialist. A year later, she was promoted to chief operating officer.

She previously served as President/CEO of the $114 million Buckeye State Credit Union in Akron, Ohio. Before joining the credit union movement, Borowie worked for PNC, according to her LinkedIn profile page.

Michigan First employees work at 28 locations.

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