OSWEGO, N.Y. - Tom O'Toole left behind an extensive banking career before coming to Compass Credit Union. The president/CEO of $17 million Compass Credit Union shared some of the differences he's encountered during his prior banking days in a recent Oswego County Business article. O'Toole has held management positions at three commercial banks. His father was president of Homestead Savings Bank in Utica and helped O'Toole get his first job at Syracuse Savings Bank after graduating from college. O'Toole's brother is also a banker. One difference is "you're not worried about competitors taking your customer base away, so (the credit unions) help each other," O'Toole told the publication. "Banks are very profit-driven and competitive." He also touched on what may be a misunderstanding about CUs regarding their tax-exemption status: "Our payrolls and property are taxed; it's only our earnings that aren't." O'Toole admits he wasn't familiar with the credit union world prior to entering the movement but turns out, "Fortunately they liked me," he said on his CU role of which he's served for 17 years. Chartered in 1966 as Alcan Employees FCU, the CU recently changed its name, expanded to a multiple group charter and serves nearly 3,200 members.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the February-01, 2006 issue of Credit Union Times Magazine • Subscribe!
Compass Credit Union CEO Compares Banking Career Experience
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
- The 4 Major Designs of the $100 Bill (Slide Show)
- Anonymous May 7 Target List Includes 12 Large Credit Unions
- Theresa Portillo Sentenced to 6½ Years in Prison for Looting Feminist CU
- WesCorp’s Legacy Losses Outpace Other Corporates
- Stacie Wyss-Schoenborn Seeks Innovation One Step at a Time: Women to Watch
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
