There's not a lot of financialtrailblazing going on in corporate credit unions these days.

Unless you count finding a way to thrive and grow in today'slow-rate environment under strict new NCUA rules, all the whiledefying experts who proclaimed the death of the corporate businessmodel a few years ago.

Volunteer Corporate Credit Union's Jeff Merry is leading the$1.15 billion corporate into the post-stabilization world, and the37-year-old chief financial officer makes it look surprisinglyeasy. That is why CU Times selected him as the 2014 Trailblazer CFOof the Year.

Granted, compared to other corporates, the new VolCorp doesn'tlook much different from the pre-crisis VolCorp. Merry is quick tocredit his corporate's traditional business model with its survivaland current success.

VolCorp was one of a handful of midsized corporates that luckedout when it chose a business model that expanded products andservices beyond the U.S. Central pass-through model, but didn'tstray too far outside state lines for members or beyondgovernment-backed securities for investment income.

“Our business model really successfully withstood a major testduring the crisis,” Merry said. “It was never our intent to be allthings to all credit unions, but rather, be what our members needwhen they need it. From there, it becomes a matter of creating avision of what you want to be for your members, and passionatelydriving toward that vision.”

That business model landing VolCorp among the “Solvent Five”, a group of corporates that didn't have to tapinto member capital to absorb U.S. Central Federal Credit Unionlosses after the corporate's corporate failed.

In December 2009, after most corporates wrote off the rest oftheir U.S. Central losses and the future of corporates was indoubt, VolCorp took a $2 million hit but retained a 4% capitalratio.

By the following year, when the future of many corporatesdepended upon members' willingness to recapitalize, and some werealso scrambling to replace U.S. Central services, VolCorp wasalready on the road to recovery and looking toward the future.

Merry can be credited in part for that enviable position, as hejoined VolCorp at age 27 as the corporate's chief investmentofficer from 2004 to 2006. After two years, he crossed thecontinent and a cultural divide to work as Western CorporateFederal Credit Union's director of member services from two years,before smartly returning to Nashville in early 2008 to take hiscurrent CFO position.

Under Merry's leadership, VolCorp has already met the NCUA'spost-crisis capital requirements, and it's ahead of schedule tomeet the more difficult retained earnings requirement.

Next Page: Liquidity Analyzer

Merry also developed an analytical tool called LiquidityAnalyzer, which forecasts VolCorp's cash position over the next 12months, allowing it to increase net income.

In December, VolCorp and the $153 million Kentucky Corporate Federal Credit Union announced plans tomerge. If approved, it would mark VolCorp's second merger in threeyears; the Nashville-based cooperative successfully merged WestVirginia Corporate Credit Union in 2012. Merry performed thepre-merger due diligence for both deals, and headed up the effortto integrate West Virginia Corporate's accounting operations intoVolCorp.

When asked to sum up his success in one word, Merry chose anappropriate one for a financial manager: balance.

Balancing VolCorp's investment portfolio as Merry describes itsounds more like the old vaudeville plate spinner act.

First, there's the traditional balance between loan andinvestment income, which these days leans heavily on investmentincome due to a lack of loan demand from member credit unions.

Then, once the size of the portfolio is determined, Merry muststrike a balance between meeting NCUA investment regulations, whichinclude adjusted average life limits, and earning enough income tooffset low loan demand.

“We're always scouring the market for securities that fit ourrisk profile and generate a return, too,” he said.

Unfortunately, the Federal Reserve hasn't made that easy. TheFed's quantitative easing policy has taken most of those securitiesoff the market, making it even more difficult for institutions likeVolCorp to find them.

“Hopefully, the tapering will help,” Merry said of the Fed'sintent to slow its securities purchase rate. “They've been buyingthings we have historically bought, and in such great magnitude, itreally limits what's available out there.”

It's hard to imagine any credit union has room to trim expensesin this day and age, but Merry said he believes there is alwaysroom to improve efficiencies.

“One thing we pride ourselves in at VolCorp is never answering aquestion with 'because we've always done it that way',” hesaid.

And so, VolCorp has continued to reduce expenses, add in-demandnew services that produce fee income, and achieve better scalethrough mergers. In particular, Merry said the West VirginiaCorporate merger allowed VolCorp to consolidate technologyresources and expenses, a strategy that will hopefully continuewith the Kentucky merger, he added.

The challenge of growing a corporate credit union in today'senvironment seems an all-consuming task. However, Merry hasachieved work-life balance, too.

Last year, Merry was valedictorian of his MBA class atVanderbilt University, an achievement he admits was a difficult onefor the busy husband and father.

“It's about maximizing every single minute,” he said. “That'show you keep all the balls in the air, by focusing on whateveryou're working on at the time. That got me through school, and nowthat it's over, I feel like I have all the time in the world.”

The Merry family also built a new home recently, which the CFOjoked he doesn't recommend anyone attempt while employed full timeand pursuing a graduate degree. He credited his wife, Tami, forholding everything together during that time.

The spouses stay on track by going out on a date at thebeginning of each year, he said, during which they set new personaland family goals.

Merry said he likes to relax by going to the gym or watchingsports on TV. But not surprisingly, he said he doesn't have aFacebook account and doesn't spend much time on social media.

VolCorp Financials as of Nov. 30, 2013

Assets: $1.15 billion

Members: 315

Total capital: $71.50 million

Leverage Ratio: 5.96% (NCUA well-capitalizedminimum is 5%.)

Retained Earnings Ratio: 0.91% (NCUA willrequire 2% in 2016.)

Return on Average Assets: 0.19%

Year-to-Date Net Income: $1.856 million