Eldon Arnold and Bruce Barnett to Retire
WEST PALM BEACH, Fla. - Two billion dollar credit union CEOs have announced retirement plans. Peoria, Illinois-based CEFCU President/CEO Eldon Arnold and Fresno, California-based Educational Employees Credit Union President/CEO Bruce Barnett will retire effective May 1, 2006 and Jan.15, 2007 respectively. Barnett has served as CEO since 1986, and under his leadership EECU has grown from a $50 million, one-branch organization to a $1.3 billion credit union with 12 branches and a broad selection of financial products and services. In the eight years under Arnold's leadership, CEFCU's net worth has more than doubled and assets and loans have increased by over $1 billion. During this time, CEFCU has increased membership by 23,500 net new members. CEFCU has named Mark Spenny, who currently serves as executive vice president, as its new CEO. Spenny has been with CEFCU since 1993. "Eldon has set the bar very high in terms of trust and performance. It will certainly be a challenge for us to keep that going, but we're up to the challenge. The credit union will continue in its tradition of convenience, value, and quality service for member/owners. As always, we will strive to find new products and services to meet members' changing financial needs," said Spenny. Arnold will continue to serve on the CEFCU board after his retirement.