Farmers Insurance Federal Credit Union announces retirement of CEO
LOS ANGELES, CA (July 5, 2018) — After serving as the CEO of Farmers Insurance Federal Credit Union for 22 years, Mark Herter has announced his decision to retire, effective January 1, 2019.
Mark joined the Credit Union in 1985 as Executive Vice President and assumed the role of CEO 11 years later. Under Mark’s leadership, Credit Union assets have grown from $230M to over $914M and capital from $24M to $107M. Membership has grown from 27,000 members to over 51,000 to date.
“Mark’s many contributions have helped to make the Credit Union one of the largest and best-capitalized employer-sponsored credit unions in California and the nation,” noted Chairman of the Credit Union Board, Scott Lindquist. He added: “His commitment to the Farmers® family and Credit Union members over the years has resulted in the outstanding position the Credit Union holds today.”
In announcing his retirement, Mark reflected on his tenure. “I’ve enjoyed every single day, and take great pride in what we’ve accomplished together. I will miss the members and the staff terribly, but am delighted to say goodbye to my [4 hour round-trip] commute!”
The Board of Directors has named Laura Campbell as the next Chief Executive Officer. A twenty-plus year veteran of the Credit Union, Ms. Campbell has held the role of President for four years. “Laura is well positioned to lead the Credit Union into the future,” said Lindquist.
Mr. Herter will transition his leadership role to Ms. Campbell in early August, remaining a board advisor until his retirement in early January.
CEO Mark Herter Announces Retirement
About Farmers Insurance Federal Credit Union
Founded in 1936, Farmers Insurance Federal Credit Union is a not-for-profit, member-owned financial institution that exists primarily to serve Farmers Insurance Group®, as well as other organizations across the country. The Credit Union provides personal financial services to more than 51,000 members and has over $914 million in assets. It is one of the best capitalized credit unions in the country.