In a twist, bankers poaching credit union execs to fill voids
The American Banker article, “In a twist, bankers poaching credit union execs to fill voids,” quoted Russell Reynolds Associates Consultant Robert Voth on why banks are looking to credit unions for their next executive hire. The article is excerpted below.
Some community banks are recruiting talent from an unexpected place — credit unions.
Newburyport Five Cents Savings Bank in Massachusetts hired Lloyd Hamm Jr. away from Homefield Credit Union to become its president, while Boiling Springs Savings Bank in Rutherford, N.J., poached Elizabeth Miller, an executive at Affinity Federal Credit Union, to become its new retail chief.
A credit union executive with banking experience could be an especially attractive candidate, said Robert Voth, head of the commercial and consumer financial services practice at executive search firm Russell Reynolds Associates.
Credit union executives tend to place a high priority on customer service, recruiters said. Those employees face minimal challenges transitioning to retail, technology and finance roles at banks, they said.
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