After nearly two years at the helm, Tom Glatt, president/CEO of REALTORS Federal Credit Union, announced today that he will leave the post Aug. 1.
Glatt told Credit Union Times that he was leaving to join his wife who moved to New Jersey to start a new job. Glatt was named president/CEO of the Rockville, Md.-based CU in December 2008. Jane Pannier, the CU's executive vice president, general counsel and compliance officer, has been named the acting president/CEO.
"It's very bittersweet," Glatt said on leaving. "But we've done something here that has never been done before. We opened a virtual credit union in the worst economic time."
Chartered in November 2008 and opened in May 2009, the CU serves the National Association of REALTORS, a trade group representing 1.2 million members. Under Glatt's tenure, the CU grew to nearly $80 million in assets serving 5,500 members. According to NCUA Call Report data as of March, the CU had $43.4 million in shares and deposits. It also had a net worth ratio of 29.93% and was considered well-capitalized.
Glatt said his affinity for the industry remains strong and he is currently looking for CU CEO positions in the Northeast region. He is confident that the CU will continue to grow even as the economy is in the midst of a prolonged recovery.
"When the economy gets better, growth will be explosive. I don't know if there's ever been a credit union that got to more than $75 million as fast as we did."