Long Time Credit Union Executive Retires

Columbus, OH:  Tom Furrey, President/CEO for the past 20 years of Western Credit Union, a $65 million asset credit union with branches in Columbus, Delaware and Plain City, Ohio, has retired effective December 31, 2011.  He has served the credit union industry for 38 years. Beyond his credit union chief executive officer duties, Furrey dedicated himself to the advancement of the credit union industry by serving on many boards and committees including the Ohio Credit Union League Board of Directors, Ohio Credit Union Foundation (current Chair), and board positions for OCUL Services, The Ohio Credit Union PAC, Ohio Division of Financial Institutions Credit Union Council, Central Ohio Chapter of Credit Unions, Ohio Credit Union Executives Society, as well as Fore Hope, a local non-profit organization, and a vast range of community organizations. 

Michael B. Shafer will succeed Furrey as Western’s chief executive officer through a management agreement between Western Credit Union and Powerco Credit Union, where Shafer will continue in his current duties as president/chief executive officer. Synergy between the two individuals and the two credit unions is quite unique as both Furrey and Shafer have worked for each of their respective credit unions – Furrey as CEO of Powerco for 11 years from 1981 to 1992, and Shafer with 10 years employment at Western from 1989 to 1999, the most recent being VP/Operations. Mike Shafer has been President/CEO of Powerco for the past 12 years. Furrey will serve as a consultant to Western during the next year in areas that are strategic in nature.

“I am looking forward to my retirement and being able to spend more time with my wife, two sons and their families,” said Furrey. “I will miss everything about this outstanding industry of ours, and most of all I will miss the wonderful people I have been able to serve, work along side of and be associated with during my career. I consider myself to be very blessed and honored to have been able to do what I have done for the past 38 years. Now, I look forward to assisting Mike and his strong team at Western as needed to ensure a smooth and successful leadership transition.”

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