Verity Credit score Union CEO broadcasts retirement


John Zmolek will retire as CEO of Verity Credit score Union in Seattle this spring, the $690 million-asset establishment mentioned 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 business, Zmolek spent 31 years at Verity, first as a board member after which holding a number of completely 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 affect of their loans and investments by 2022 with the objective of aligning the carbon footprint of their portfolio with Paris Settlement objectives to maintain world temperature will increase underneath management.

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

Within the seven years previous to Zmolek changing 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 accordance with the credit score union.

“I’ve at all times felt that membership development was a very powerful 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 mentioned.

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 accordance with Nationwide Credit score Union Administration name report knowledge. The drop was pushed partly by a 55% improve in allowance for mortgage losses, together with small reductions in lending and noninterest earnings.