The $821 million TwinStar Credit Union of Lacey, Wash., said Friday it is in final stages of a long-running succession plan in which Jeff Kennedy, its president, will formally take over July 1 as CEO.
Kennedy, who has held the No. 2 management slot since last January, will succeed the retiring Marshall Ellison, who is leaving after 17 years with the credit union.
Ellison made his retirement intentions known more than three years ago to ensure, as he put it in the 2011 annual report, a seamless transition for the TwinStar membership.
Kennedy had been picked by the TwinStar board as Ellison’s successor following a board search.
Ellison, who has long been a leading figure in the Washington State industry in a career spanning 42 years, is a director and executive committee member of the Northwest Credit Union Association.
Ellison grew up in Shelton, Wash., and after a stint in the U.S. Army stationed in the Pentagon and completing bank training, served as CEO of two credit unions, one in Washington state and the other in Alaska.
After finding his way back to the Olympia area, he joined Twin County Credit Union in 1988 since renamed as TwinStar.
The credit union noted that under Ellison’s leadership TwinStar “has produced a strong regional organization with a 24-branch footprint stretching from Renton to Portland. TwinStar Credit Union has grown rapidly while maintaining a solid capital structure and a high degree of return to its 90,000 members.”
“In addition,” said TwinStar, “Ellison was instrumental in the formation of several CUSOs that take the cooperative nature of credit unions to new heights, developing new revenue streams for participating credit unions.”
Under Ellison, TwinStar has been recognized with the Dora Maxwell Social Responsibility Award, Top of the Hill Political Advocacy Award and several Spectrum Marketing Awards.