Hubert Hoosman, who served as president/CEO of Vantage Credit Union for 19 years, retired on April 2.
Hoosman told Credit Union Times late Tuesday that he had been on sabbatical from the $718 million Vantage in Bridgeton, Mo., since August 2012.
Due to a settlement agreement with the credit union, Hoosman said he was not permitted to provide further details about why he was placed on sabbatical.
“I’m officially retired. There are things that I can’t say because of the settlement agreement,” Hoosman said.
He began his career at Vantage in 1982 as a teller when the credit union was known as Educational Employees Credit Union.
Hoosman moved through the ranks as loan department manager, branch manager, vice president of operations and executive vice president before becoming president/CEO in 1994.
Eric Acree, former executive vice president of Vantage, has been serving as interim president/CEO of the credit union since September 2012, according to his LinkedIn profile.
Acree’s 22-year career at Vantage began in 1991 as a copywriter and marketing director with a promotion to vice president of marketing in July 1998 before being elevated to executive vice president in July 2005.
Vantage has not responded to requests for comment on the change in president/CEO position.
In announcing several new board members, payments CUSO PSCU in St. Petersburg, Fla., said Hoosman had retired from its board in 2012.
Meanwhile, Hoosman, who said he spent much time training Acree, had glowing remarks about his interim successor’s capabilities.
“I think he’s an outstanding candidate and I hope like hell he gets the job. There is no animosity between me and him or the board,” Hoosman offered.
According to its NCUA financial performance report, Vantage had a negative 0.9% return on average assets in December 2011 but returned into positive territory in March 2012, June 2012, September 2012 and December 2012 at 0.39%, 0.34%, 0.54% and 0.16%, respectively. Vantage’s ROAA was below its peer average of 0.92% in September 2012 and 0.93% in December 2012.
Vantage’s net worth remained strong for at the end of 2011 and well into 2012: 9.43% in December 2011, 8.79% in March 2012, 8.73% in June 2012, 9.08 in September 2012 and 8.83% in December 2012. However, the credit union’s peer average was 10.22% in September 2012 and 10.34% in December 2012.
With the exception of a net loss of $561,656 in December 2011, Vantage reported net profit for all of 2012.
While acknowledging confusion on why he was placed on sabbatical, Hoosman said he has come to grips with the next phase of his life. He and his wife are prepping to open two businesses this fall – a brokerage company and Haywood Hoosman Realty, which is licensed in Georgia, Kansas, Illinois and Missouri. Hoosman said his wife resigned from her job in December 2012.
“I’ve had a wonderful career and wish (Vantage) nothing but the best,” he offered. “It’s a different world when you’re in control. We’re expecting big things.”
Hoosman’s retirement comes on the heels of a series of career accolades. In March, the credit union veteran was one of three recipients of the Herb Wegner Memorial Award from the National Credit Union Foundation.
In a statement at the time of the Wegner honorees’ announcement, Vantage said its “board and staff members are proud of their leader, applaud (Hoosman’s) efforts and congratulate him on his many accomplishments.”
One of the early founders of the AACUC, Hoosman took the lead nationally within the movement to help recognize Dr. Martin Luther King Jr., by encouraging credit unions, leagues, CUSOs and other industry organizations to raise approximately $1.4 million towards a national monument, which now stands on the National Mall in Washington.
While he’s shifted to becoming an entrepreneur, Hoosman said he doesn’t think he can ever leave behind his love for credit unions. In addition to working on a capitalization project with the National Federation of Community Development Credit Unions, he recently conducted a breakout session on governance relations.
He has also worked with the Georgia Credit Union Affiliates and is preparing to assist a credit union in Montana with a planning session, an area he considers his “sweet spot – I always have fun with these because I consider myself to be forward thinking.”
“I’m not gone. I will stay close to the credit union movement,” Hoosman said.