Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>REDWOOD CITY, Calif. – Provident Central CU President/CEO Ludelle Morrow couldn’t be happier that her son will by succeeding her as leader of the credit union, but she wants one thing made clear – he got the job on his own merits. Morrow’s son, Wayne Bunker, who is currently president/CEO of the $300 million Commonwealth CU, San Jose, will start at Provident on July 8, while his mother will stay on during the transition stage until her official retirement day of July 31. “I’m very proud. It couldn’t be better. He worked for me for 19 years. He had every job from stuffing envelopes to EVP,” said Morrow. “I was not involved at all. I was not even informed. Wayne didn’t talk to me and the board didn’t talk to me. They used an outside (search) firm. He got the job on his credentials,” said Morrow. After four years in the Air Force, Bunker started working part-time at Provident while going to college. He wound up spending the next 19 years at Provident. For 16 of those years he was EVP of the credit union. Bunker said he knew he had to leave Provident if he ever wanted a chance at a CEO position for a CU as large as Provident. “I realized that if I was ever to be a CEO of a credit union that size, I need to get some experience. That was one of my reasons for leaving. I knew some day I wanted to manage a large credit union,” he said. In his seven years with Commonwealth the credit union grew from $120 million to $305 million. Asset growth averaged about 15%; member growth 7%; and the CU currently boasts a 1.3% Return-on-Assets. “I leave with mixed emotions. I have a wonderful board here that’s been very supportive of me. We’ve worked well as a team. But I’m also excited to run a credit union of Provident’s size,” said Bunker. Bunker said his mother’s vast experience managing a large credit union gave him an advantage. “She really taught me the business. She was a good mentor for me. I learned all of my business values from her. There were other people in that organization that also served as mentors,” said Bunker. It took about four months for the Provident board to find Morrow’s successor. She announced her retirement at the end of January, and the board hired O’Rourke, Sacher and Moulton to conduct the executive search. Only candidates with credit union CEO experience were considered. Bunker says he thinks his past work experience at Provident helped him get the job. Bunker is going to work with a board that has a lot of familiar faces. “I’ve known those board members for many, many years, some for 25 years. I’ve worked with them before. I think they’ve seen what I was able to do down here at Commonwealth,” he said. As for Morrow, she’s going to retire on an eight-acre ranch in Oregon that sits on the banks of the Rogue River. “It just feels great to go out in a blaze of glory. There’s a great management team and board here. I’m outta here. He’s ready,” said Morrow. The two share a CUES tie. Bunker is currently CUES chairman, and Morrow is a past chairman. [email protected]</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.