Industry Veteran Tom Glatt Tapped as CEO of REALTORS FCU
Glatt, who has served as president/CEO of the $199 million Continental Federal Credit Union since
2006, will assume his new post at REALTORS FCU
on Dec. 15.
Chartered in early November, the new credit union will serve the National Association of Realtors, a trade group representing 1.2 million members. Scheduled to open in mid-2009, REALTORS is the first Internet-based credit union to serve the members of a single, nationwide association without branches, according to the NCUA.
A well-known industry veteran, Glatt has held
several senior management positions at credit unions
and for 16 years, was president of Counter
Intelli-gence Associates, a firm founded by his wife, Diane Johnson.
Glatt helped to guide Continental FCU in the spring of 2007 when the credit union was embroiled in what some considered the industry's first CU-to-CU hostile takeover attempt by the $1.9 billion Wings Financial Federal Credit Union. The NCUA eventually intervened saying a $200 payment by Wings Financial to woo Continental members was impermissible under the Federal Credit Union Act. He was named the 2007 Credit Union Times CEO of the Year. NAFCU also bestowed the honor on him the same year.
"It is with a greatly conflicted heart that I will be leaving," Glatt said of his post at Continental. "I'm not leaving to run away from Continental. I'm leaving Continental in great shape. The credit union and the board have been through a lot together over a short period of time. I'm in love with this credit union."
Glatt said his decision to throw his name into the hat for the REALTORS FCU CEO position came from taking his career in another direction. The cross-country move from Arizona to Maryland will, in fact, allow him to spend more time with his wife, he said.
"We are proud that such a distinguished leader of the credit union industry as Tom Glatt will be heading this new organization. We are glad he will be part of our extended family," said NAR CEO Dale Stinton.
Mike Brodie, chairman of the RFCU board of directors, also praised Glatt. "Realtors will find Tom to be a man of high moral integrity and ethical standards and one of the most respected professionals in the industry. He has demonstrated a lifetime commitment to the service of others, and we're proud he will be leading our team."
Glatt said he is looking forward to the "great opportunity and challenge to run the first Web-based credit union." His first order of business, he added, will be assembling his senior management team, which is currently underway.
NAR President Charles McMillan said Glatt's hiring and the launch of the new credit union are "a cause for celebration among all our members because this credit union is tailor-made to accommodate the work habits and lifestyles of [real estate agents], most of whom are independent contractors compensated by commissions."