UMassFive selects Rich Kump as President and CEO
HADLEY, MA (July 5, 2018) — The UMassFive College Credit Union has selected Rich Kump to be their next President and CEO. Kump takes on the position with the retirement of UMassFive’s longstanding President and CEO, Kathy Hutchinson. Kump has worked at UMassFive for the past 17 years, serving as Vice President of Member Service and COO, and brings to his new role 34 years of overall credit union experience working for three different institutions. Kump has held senior level positions at all three credit unions he has worked for, including 12 years with the nation’s first credit union, St. Mary’s Bank Credit Union in Manchester, NH.
During his time at UMassFive as Vice President of Member Service and Chief Operating Officer, Rich Kump has been instrumental in implementing numerous products and developing departments that play integral roles in serving the UMassFive membership to this day. His long list of accomplishments includes creating specialty loan products like the Credit Union’s Farm Share loan, Teacher Licensure loans, and Credit Builder loan offerings intended to assist consumers who have struggled to maintain good credit. Rich also spearheaded a partnership between UMassFive and MassSave on Energy Efficiency loans, the Clean Energy Center for Solar loans, and most recently the Department of Energy Resources so that the Credit Union can help provide air-sourced solar powered heat pumps to low income households. When other lenders pulled out of the private student loan market during the last recession, leaving new and existing college students without a means to go to college, Kump developed a program that funded over $20 million dollars in student education. This fall, UMassFive will help their 1,000th student finance a college education. Kump has also developed a state-of-the-art Contact Center for UMassFive and was vital in creating an award-winning financial investment and advisory service with over $143 million in assets under management.
With her retirement as UMassFive’s President and CEO, Kathy Hutchinson leaves behind a legacy as one of the most influential businesswomen in Western MA. Hutchinson has been the Credit Union’s leader since January of 1997. During her twenty plus years as President and CEO, Hutchinson grew UMassFive to over $460 million in assets, with a membership of over 37,000. Hutchinson’s successes are many. In 2001, she oversaw the building of a new main branch and headquarters. In 2007, she oversaw the opening of a new branch at Northampton, as well as its relocation to a more accessible location in 2016. Kathy’s leadership was integral to the success of a merger with the Credit Union of Providence Systems, which resulted in the first UMassFive branch location in Hampden County, at the Mercy Medical Center. Her vision and her commitment to the membership was paramount during the refurbishments of many UMassFive branches—to include new technologies, such as interactive teller machines and lobby check-in systems, as well as a branch look and feel that provides a warm welcome and improved service to members.
“I am grateful to have spent 42 years serving the members of UMassFive College Federal Credit Union, and deeply honored to have had the opportunity to lead it for over the last twenty. I am very proud of what Rich Kump and the rest of my UMassFive colleagues have accomplished together during two decades of both successes and challenges,” said Kathy Hutchinson. “The work we have done together gives me great confidence about the Credit Union’s future success.”
As Kathy Hutchinson passes the torch of UMassFive leadership to incoming President and CEO Rich Kump, it is worth noting the similar paths through which both rose to roles of distinction within the Credit Union. Hutchinson joined UMassFive as a part-time teller, while Kump joined the credit union industry as a receptionist. Hutchinson and Kump have understood and lived the Credit Union motto of “people helping people”. Their humble beginnings taught them the value of caring and honest service to the membership, something they have both built their careers around. As this leadership transition occurs, UMassFive remains confident the member-first philosophy of the Credit Union will continue to be upheld as the primary focus and mission.
“Our goal in choosing a new President and CEO for UMassFive College Federal Credit Union centered around finding someone who will remain constant to Kathy Hutchinson’s longtime promise of providing a full range of the best financial products and services to meet our members’ needs now and into the future,” said Robert Harrison, UMassFive Board Chair. “The UMassFive Board of Directors is extremely pleased to have finalized our selection with the appointment of Rich Kump. We conducted a national CEO search and found that the best candidate was already right here at UMassFive. Rich has been an integral part of our mission and culture here, and we’re confident he’ll uphold that commitment to our members as our next leader”.
As UMassFive’s new President and CEO, Rich Kump will inherit control of a Credit Union known for innovation and making large strides in short periods of time. UMassFive was the first credit union in Massachusetts to issue an ATM card. Today, UMassFive continues to innovate, especially in the renewable energy industry. The Credit Union celebrates its status as the leading residential solar lender in Massachusetts, which includes financing over 1,000 solar projects in the last two years, totaling over $35 million. While UMassFive is one of the youngest credit unions in Massachusetts, celebrating their 50th Anniversary in 2017, the Credit Union has quickly grown to become the 27th largest.
“To say that I am honored is an understatement,” said Rich Kump, UMassFive’s new President and CEO. “UMassFive has made a difference in the financial lives of so many people, and to be the one to carry on that tradition is awe-inspiring. Fortunately, we have a staff that is second to none. I’m confident that our mission of service will continue unabated.”
As UMassFive continues to draw upon its strong foundation built by Kathy Hutchinson, the Credit Union looks forward to a bright future under the leadership of Rich Kump.
About UMassFive Federal Credit Union
The UMassFive College Federal Credit Union was established in 1967 and serves the University of Massachusetts as well as the Five College System and over 40 other non-profits, co-ops, municipalities, and other community members wishing to join us. As a non-profit financial cooperative, earnings are returned to UMassFive’s membership in the form of better rates, lower fees, and improved services. UMassFive has over 37,000 members, five branches, and assets of over $460 million. For more information about UMassFive College Federal Credit Union, please visit www.umassfive.coop.