The $3.9 billion Patelco Credit Union experienced its most profitable year in the Pleasanton, Calif.-based institution's 76-year history, with a $55.5 million net profit and 1.48% return on assets. In fact, last year's earnings were more than the total of $37 million earned from 2005 to 2011 combined.
Given the almost nonexistent investment margin and a still sluggish California economy that continues to suppress loan activity, those numbers alone would be enough to name Executive Vice President and Chief Financial Officer Scott Waite the winner of Credit Union Times 2012 CFO Trailblazer Award.
However, Waite is more than just the successful CFO of one of the industry's largest credit unions. He also put in time shaping the industry's regulatory and financial landscape, consulting with the NCUA on the regulator's troubled debt restructuring final rule and serving on the Financial Accounting Standards Board's Small Business Advisory Council, a position he has held since 2002.
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