Press

Donovan retires from Members Source Credit Union, Shelton becomes new CEO

MERRILLVILLE, IN (August 16, 2015) — Members Source Credit Union (MSCU) announces that Scott Shelton has been selected CEO of the Northwest Indiana-based credit union. Mr. Shelton will replace Charles Donovan who is retiring after over 20 years with MSCU.

Mr. Donovan has been CEO of the credit union since 1994. Milestones during his tenure include the credit union’s growth from less than 5,000 members and $30 million in assets to more than $75 million in assets and 8,000 members. Originally offering membership to select employees of NIPSCO, MSCU is now community chartered and offers membership to anyone who lives or works in Lake, Porter, LaPorte, and Jasper Counties in Indiana. Locally, Mr. Donovan is active in the Rotary Club of Crown Point where he is a past president. He serves credit unions throughout the state of Indiana as a board member of the Indiana Credit Union League where he is currently board secretary. He has served as vice president of the board of trustees of the CUCare group health insurance trust during the past two years. Donovan has also been instrumental in shared branching in Indiana and is a past board member of Credit Union Centers.

Mr. Shelton had been an Examiner with the Indiana Department of Financial Institutions prior to accepting his new position. “Scott brings expertise in the areas of regulatory compliance and risk management. He is a proven leader and is committed to member service and staff development,” says Jeff Perz, Board Chairman of MSCU. Prior to his service with the Indiana DFI, Mr. Shelton had more than 15 years of commercial and consumer lending management experience.