NASHVILLE, Tenn. — In one way, Betty Hobbs can relate to thelate, legendary crooner Frank Sinatra.

The president/CEO of $220 million The Tennessee Credit Unionretired on Dec. 26, 2006 after 40 years at the helm. As she mulledover whether the timing was right to leave what she considers hersecond home, Hobbs recalled seeing Sinatra, one of her favoritesingers, on the 1994 Grammy Awards as he received a lifetimeachievement award. Producers of the show were soundly criticizedfor not allowing Sinatra to finish his intermittent acceptancespeech because he was supposedly cutting into expensive advertisingspace.

“He lingered so long on stage and was so melancholy,” Hobbsremembered. “The band struck up a big tune to get him off thestage. I thought I never want to have that kind of exit. I feelit's time to go when you're at the top of your game.”

Indeed, under Hobbs' tenure, the credit union grew from $1.8million to more than $220 million in assets, 28,000 members and 13branches. Originally chartered in 1950 to serve teachers, TTCU hassince expanded to the field of education in the entire state, twocounties and multiple select employee groups. A successor has notyet been named to replace Hobbs.

In 1967, Hobbs became what was then Nashville Teachers CreditUnion's first full-time employee–its CEO. The credit union's humblebeginnings started in the desk drawer belonging to a math teacherwho oversaw the credit union's treasury. Hobbs said when lawschanged that prohibited a credit union from being on schoolproperty, it secured a nearby small office off site. The mathteacher/treasurer was not able to conduct business until afterschool dismissed. Hobbs, who was working at the former Hoover MotorExpress Credit Union, but was on maternity leave, was asked if shewould be interested in working part time at the teachers' creditunion. Hobbs took the position and has never looked back. “I'm goodwith numbers and even better at public relations,” Hobbs said. “Ibegan to realize that serving people in education and with myanalytical background, there were opportunities to merge with smallcredit unions.” Not too long after her arrival, the credit unionmerged with a smaller one in Knoxville and later opened a branchthere. Over the years, 11 more mergers would take place and theNashville Teachers CU became The Tennessee Teachers Credit Unionand subsequently, morphed into its current moniker. The mergerswould help TTCU have a larger presence throughout middle andEastern Tennessee.

Hobbs also was instrumental in establishing relationships withmore than 500 select employee groups. In the early years of hercareer, she said credit union membership was so defined so therewere no threats to other credit unions' fields of memberships.Although the credit union has grown to serve other groups, Hobbsgives high praise and still remains fiercely loyal to teachers andothers in the education field because they helped TTCU's growthearly on.

“Most credit unions were run by volunteers. They were lookingfor better ways to serve their members,” Hobbs said. “I felt wecould adopt more markets and establish services for them.”

One of Hobbs' long-time employees, Sandy Simmons, recently puttogether five scrapbooks of memories spanning four decades.Thumbing through them, Hobbs came across a December 1966 financialstatement that showed TTCU's assets at $1.8 million. Pictures ofthe credit union's first facility built in 1974 had a porch withentry doors on either side. Hobbs recalled TTCU rented out the leftside to another credit union. She chuckled at the $22,850 in assetswhen TTCU was founded in 1950.

“When I agreed to serve, I realized that even with the limitedresources, I had a lot of exposure and training and a wonderfulexperience in all phases of the credit union movement,” Hobbssaid.

The industry veteran has certainly had a voice on both the stateand national levels. At one point, the governor of Tennesseeappointed Hobbs to a state banking board. In 1983, the mayor ofNashville tapped her to serve on the Federal Reserve Board ofAtlanta's financial committee. Later in her career, Hobbs served onboards at the Filene Research Institute, Tennessee Credit UnionLeague, Federal Reserve Bank, CUES and CUNA. She has also beeninvolved with Callahan & Associates' mutual fund entity Trustfor Credit Unions since its launch in 1987. TTCU employees, membersand board members honored Hobbs with an appreciation extravaganzaon Jan. 26. Hobbs said she is looking forward to traveling morewith her husband Doug. Her four children and ten grandchildren livein the Nashville area so more visits are in store.

As for her legacy, Hobbs holds steadfast to why credit unionswere founded in the first place.

“I consider myself a passionate ambassador of credit unions asthe preferred way to serve people of average means,” she said. “Ithink a lot of the underserved people–the programs and counselingwe offered had afforded them a way to achieve a better lifefinancially.” –[email protected]