PODCAST: Anatomy of a credit union turnaround
Jennifer Borowy led Buckeye State Credit Union to a brighter future.
Jennifer Borowy led a credit union turnaround before she turned 30.
When she took over as CEO of Buckeye State Credit Union in Akron, Ohio, in the fall of 2016, the credit union had lost $1.3 million the previous year and $3.5 million during the previous three years.
As Borowy tells it, she spent virtually every day and night at the credit union for the next three months digging into the general ledger and formulating a stability plan.
Borowy found a way to not only turn Buckeye State around, but to transform its culture. In 2017, the credit union earned $855,000 and in one year grew its net worth from about 6% to over 8%.
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