Verity Credit score Union CEO pronounces retirement

John Zmolek will retire as CEO of Verity Credit score Union in Seattle this spring, the $690 million-asset establishment stated in a launch Monday.

John Zmolek, CEO of Verity Credit Union

John Zmolek, CEO of Verity Credit score Union

Zmolek will step down following the credit score union’s annual assembly on April 14. His successor has not but been introduced.

A longtime fixture within the trade, Zmolek spent 31 years at Verity, first as a board member after which holding a number of totally different govt roles earlier than being named CEO in 2014.

In 2019, Verity and 27 different members of the World Alliance for Banking on Values pledged to trace and monitor the carbon influence of their loans and investments by 2022 with the aim of aligning the carbon footprint of their portfolio with Paris Settlement objectives to maintain international temperature will increase beneath management.

“John led Verity with coronary heart and imaginative and prescient,” Zach Gose, Verity’s board chairman, stated within the launch, including, “His deal with social and environmental impacts impressed Verity to assist communities dream boldly.”

Within the seven years previous to Zmolek turning into CEO, Verity added simply 458 new members, however within the seven years since he took the reins, membership has risen by 9,461, in response to the credit score union.

“I’ve all the time felt that membership progress was crucial indicator of whether or not we live our mission. It demonstrates how we’re enhancing lives by constructing trusted relationships with members and the neighborhood,” Zmolek stated.

Verity earned roughly $73,000 within the first three quarters of 2020, down 95% in contrast with $1.5 million for a similar interval within the prior 12 months, in response to Nationwide Credit score Union Administration name report information. The drop was pushed partially by a 55% enhance in allowance for mortgage losses, together with small reductions in lending and noninterest revenue.

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