Tom Glatt, president/CEO of REALTORS Federal Credit Union, announced he is scheduled to leave his post Aug. 1 after nearly two years at the helm.
On July 29, 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.
"I've done what I came here to do: get it chartered, get it opened and get it growing," Glatt said. "I'm leaving on a positive note. There's no animosity."
Glatt said he met with the CU's board the week of July 26 to discuss his decision to leave and informed his staff July 28. Jane Pannier, the CU's executive vice president, general counsel and compliance officer, has been named the acting president/CEO. Mike Brodie, chairman of REALTORS FCU, could not be reached by press time for comment. Glatt said the board understood his motive for departing.
"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, the CU serves the National Association of REALTORS, a trade association representing 1.2 million members. REALTORS FCU opened in May 2009. Under Glatt's tenure, the CU grew to nearly $80 million in assets serving 5,500 members. "I love credit unions. You ask anybody who's ever worked with me. That's my professional family," Glatt said.
Glatt said he is confident that the CU will continue to grow even as the economy is in the midst of 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."