Industrial Credit Union announces retirement of President and Chief Executive Officer

BELLINGHAM, WA (July 10, 2018) — Industrial Credit Union’s President and CEO, Terri Salstrom, has announced her plan to retire.

“We are truly thankful for Terri’s dedication to the Industrial Credit Union members and as we look to the future, we are grateful for Terri’s leadership and commitment to the long-term success of our credit union,” said Michael Ashby, Chairman of the Board of Directors. “We wish Terri a happy, healthy, and well-deserved retirement.”

Salstrom joined Industrial Credit Union in September of 1982 and has been the credit union’s President and Chief Executive Officer for the past 25 years. During this time, Salstrom guided the organization’s growth to over 26,000 members and assets of more than $245 million.

Salstrom’s leadership term was filled with accomplishments that built networks, promoted partnerships, and established a positive representation of Industrial Credit Union throughout the community and industry. Her commitment to the membership extends past the credit union walls, as Salstrom has been an advocate for the credit union movement and prominent volunteer in the local community. Credit union industry highlights include ten years as an advocate holding leadership positions on the Board and Governmental Affairs Committee with the WCUL (now NWCUA) in Olympia, Washington and Washington D.C., expanding credit union membership to all Washington residents, and many years spent with credit union leagues and foundations to develop and advance new products, services, and partnerships to benefit credit union members, as well as promoting employee education and community involvement. Salstrom volunteered 16 years as a member of the Boys & Girls Club Board of Directors to provide a safe haven and mentoring for the youth of Whatcom County.

Additionally, Salstrom expanded the credit union’s service through obtaining a CDFI Certification and Low-Income Designation allowing Industrial Credit Union to offer members a broader range of loans programs. Salstrom’s 23 years of commitment to the Feed the Need Community Food Drive, providing Whatcom County food banks with thousands of dollars and millions of pounds of food for local residents in need, supported community needs and increased the organization’s brand identity.

“I am grateful to have spent the past 35 years serving the members of Industrial Credit Union and am deeply honored to have had the opportunity to lead such a wonderful organization. I am very proud of what the Industrial team accomplished over the past 35 years and have great confidence in the future success of the credit union,” said Terri.

About Industrial Credit Union

Industrial Credit Union has been a part of Whatcom County for 80 years. With over $338 million in assets and over 35,000 members, we’re invested in our community, and Industrial members know our employees as friends and neighbors. As a credit union and as individuals, we’re constantly growing, learning, and improving. Our team works hard, laughs hard, and we know we can depend on each other. We believe in building trust through kindness and accountability. We serve our members with speed, accuracy, and open, honest communication. We strive to provide our members with the tools they need to empower them wherever they are on their financial journey. We’re proud of the work we do to assure that all individuals in Whatcom County have easy access to the financial services they need to thrive. To learn more, visit



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