The Board of Directors of Alltru Credit Union, a member owned local not for profit community development financial institution, has announced the upcoming retirement of CEO Carol Minges and succession of current Chief Lending Officer, Michelle Rosner, beginning April 1, 2022.
Carol Minges, who was promoted to CEO in 2014, will retire from her position on April 1, 2022, following fourteen years in leadership at Alltru, including a role as Chief Information Officer. For nine of those years, Minges has been commuting between Indianapolis and St. Louis as her husband took a position as CEO of Financial Center First Credit Union in Indiana. Minges has been working on the CEO succession plan with the Board of Directors since early 2019 when she announced she would be retiring to Indiana in 2022.
“On behalf of the Board of Directors and the employees of Alltru, we want to thank Carol for her guidance and influence as she loyally served our community as CEO,” said Gina Hakenewerth, Alltru Chairwoman of the Board. “Through her years at the credit union, Carol led us through strategic evolution, a global pandemic, technology innovations, a rebrand and helped develop many accessible products and services for our community. The Board is grateful to Carol for her devotion and wishes her nothing but the best as she retires and builds a new home in Indiana with her husband”.
Michelle Rosner’s selection as CEO is following years of leadership development and planning led by Minges and the Board.
“Supported by a united leadership team, a strong balance sheet and growing membership, Michelle Rosner is positioned for success in this role change to CEO,” added Hakenewerth. “After 25 years in leadership at the credit union, the Board unanimously voted for her as the right choice to lead Alltru into the next phase of service to our community”.
Michelle Rosner joined Alltru Credit Union in 1997, at that time it was known as Aerospace Credit Union, and in her many years with Alltru, has held several senior roles, including Chief Lending Officer and Vice President of Marketing. Rosner was hired as the credit union’s first Marketing Manager and during her time leading the lending and collections departments, she has implemented many initiatives that have resulted in the deployment of millions of dollars in safe and accessible loans to people experiencing low credit and low income. During her tenure, the credit union reached record net yields and lowered delinquency to align with industry peers. Michelle has proven she understands how to implement solutions which help the credit union and the community.
“I am grateful for Carol Minges and the Alltru Board of Directors for this incredible opportunity to continue making a positive difference in the communities we serve and to expand to help more people,” said Michelle Rosner. “When I began my career, we had over 12,000 credit unions in the US. Today we have just over 5,000 credit unions remaining. There continues to be fewer choices for people of modest income, and we are being challenged daily by non-traditional FinTech companies, compliance regulations, and economic conditions never seen before.”
Michelle went on to say, “At the center of everything we face, one thing remains; the people deserve a not-for-profit financial institution which cares about creating financial stability versus making stockholders wealthy.”
For 53 years Alltru Credit Union has operated a local not for profit financial cooperative, creating impact using accessible banking and lending tools, treating everyone as more than just a credit score.
“It was the great honor of my life to serve this credit union, our employees, our members, and our community” said Carol Minges. She went on to say “I am blessed to be able to retire with the credit union in a strong financial position and with such a talented and passionate team of leaders and employees ready to continue the good work. I’m looking forward to seeing the continued success of Alltru with Michelle at the helm.”
Carol Minges, Chief Executive Officer of Alltru Credit Union
Michelle Rosner, Chief Lending Officer of Alltru Credit Union