OMAHA, Neb. – When Jim Guretzky was appointed the acting CEO in June 1984, SAC Federal Credit Union was mired in a litany of messy loans and shoddy performance that almost led to its demise. Guretzky, 59, has actually been with the credit union since 1981 as its chief financial officer and became the permanent president/CEO in October 1984. After 25 years of service, the West Point, Nebraska native has announced his plans to retire in January 2007. Gail DeBoer, executive vice president, has been named to succeed Guretzky. She's been with SAC FCU since May 1988. Guretzky is also widely known as having served as chairman of NAFCU during the heady Credit Union Campaign for Consumer Choice days. He, along with a number of influential people in the movement, helped to get the landmark Credit Union Membership Access Act enacted.
Retirement could not have come at a better time with SAC FCU being in an "outstanding" position, Guretzky said. "This decision wasn't a snap decision. It was made some time ago," he said. "I wanted to get out when I was at the top of my game, so to speak."
He's also following in the steps of his father who retired at the age of 60. "I've worked hard for a long time," Guretzky said. "It's time to get out and enjoy life."
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Guretzky probably couldn't grasp the day he would actually get some time to stop and smell the roses when he started at the helm at SAC that hot, dry summer in Omaha more than 20 years ago. The CU was crumbling under the weight of a series of bad loans, illegal loans and investments. Employee turnover was 70%, net worth had plummeted to negative 1% and liquidity was a complete nightmare. Needless to say, SAC FCU had to submit a letter of understanding to NCUA explaining how it planned to dig itself out of a hole. "We had about every type of problem you can think of," Guretzky recalled. His first year as CEO the credit union lost money, but the second year and beyond, it continued to make money, he said. SAC went from roughly $60 million to its current $290 million serving nearly 50,000 members. The CU also has 11.5% capital and employee turnover is now less than 15%. Founded in 1946, the CU was originally located in Andrews Field, Md. to serve the Strategic Air Command. Initially named SAC FCU, the name was changed to Strategic Air Command FCU in 1948, but 44 years later, the original moniker returned. In 1949, the CU moved to Offutt Air Force Base in Omaha and in 1979, merged with Fort Crook FCU. A community charter conversion took place in 1993 and today, SAC has 10 branches in Douglas, Sarpy, and Cass counties in Nebraska and Pottawattamie County, Iowa. "That [merger and community charter] helped us get to where we are today," Guretzky said. He recalls the grassroots campaign that swelled from coast to coast following a July 1996 Washington, D.C. Court of Appeals that ruled against NCUA's policy allowing credit unions to serve multiple common bonds in one field of membership. The credit union movement rallied support by launching the CU Campaign for Consumer Choice, which was successful in gaining a Supreme Court hearing on the FOM issue. To follow was the passage of H.R. 1151 or the Credit Union Membership Access Act that opened the doors for federal credit unions to reach out to potential members. President Clinton signed the act on Aug. 7, 1998.
"It was a testament to the movement's strength," Guretzky said. "Here you had people from all walks of life [in the movement] making their voice heard for consumer choice."
Guretzky was active in a number of capacities. He served as chairman of the Nebraska Credit Union League and Affiliates and Nebraska Corporate Central Federal Credit Union. He also served as treasurer of NAFCU Services Corporation's board, as a national director at CUNA, as president of the Midwest Defense Credit Union Sub-Council, and on several NAFCU and CUNA committees. Guretzky is a former member of the Thrift Institution Advisory Committee of the Kansas City Federal Reserve. Post retirement, Guretzky said he's looking forward to more time with Pat, his wife of 35 years. "One of the things about [being a CEO] is your family gives up a lot. [Pat] got shortchanged. Now I have the opportunity to spend more time with her," he said.
He's also looking forward to visiting his son in Charlotte, N.C., sister in Oklahoma, and his wife's family, who lives throughout the country. An avid scuba diver for 12 years with more than 700 dives under his belt, Guretzky said he's thinking about teaching the skill to college students. Three years ago, he and his wife bought a townhouse in Florida and will be spending winters there.
When asked how he wants to be remembered during his tenure at SAC, Guretzky said that he really cared.
"I care about the people and I will miss them the most," he said. "I want them to remember that I was tough on issues but I really cared about the people."
He worries about fraud and how it's plagued credit unions. Debit and credit fraud is "getting worse and worse" and he believes that congressional action will have to take place to put a halt to it.
"It's rampant. It affects credit unions and banks," Guretzky said. "It really concerns me."
As for what should remain paramount, he said it's all about the member.
"Don't forget the member," he offered. "They make us different. A lot of these banks could run us out of business because of their sheer size but banks could never beat us as far as service. Service has always been a part of our credit union philosophy." [email protected]
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