First Coastal CU Legal Counsel Wants to Ensure Credit Unions Continue to Exist

Age: 43
 
Number of years at current credit union: One
 
Educational background: Bachelor’s degree in finance and MBA from the University of North Carolina; Juris Doctorate from the Elon School of Law in Greensboro, N.C.; Stonier Graduate Banking School from the Wharton School of the University of Pennsylvania
 
CU Times: What are your key responsibilities in your current role?

Sherrick: I’m tasked with building an enterprise-wide risk management function that will deliver exceptional member experience while appropriately mitigating risks, meeting all compliance requirements and satisfying regulatory requirements for large credit unions. As Coastal’s first General Counsel, I am the head legal advisor to the credit union and am in the process of building out the legal function. Collections, Risk, Compliance and Legal areas all report to me as CRO/GC.
 
CU Times: What drew you to the credit union industry?

Sherrick: In college, one of my business professors told my class of about 30 students that at least two-thirds of us would end up working at a bank. I remember thinking, ‘Not me,’ so I wound up at a credit union!

In all seriousness, the credit union industry has continued to pull me back over my career. Starting in the branch at North Carolina’s State Employees’ Credit Union [$56.7 billion, Raleigh], I saw firsthand the immense amount of value that credit unions provide every day for their members and communities. After law school I was pulled right back to the industry at Local Government Federal Credit Union [now the $3.5 billion, Raleigh-based Civic Credit Union], where I found myself quickly immersed in the strategy and corporate level business functions that allow credit unions to deliver that value. It was hard not to be enamored by an altruistic business model that focuses on improving people’s financial prosperity.

Sherrick: I like to think that I bring a complimentary blend of business sense, legal sense and empathy. I’ve been fortunate to do some unique things in my career like help launch a new credit union, aggressively expand a branch network and spin up multiple CUSOs. Those skills have allowed me to be a creative problem solver with an eye on the impact to the business and the people involved.

CU Times: Which person (or people) do you credit the most for helping and supporting you along your career journey?

Sherrick: Honestly there are too many to name them all. I’ve had the privilege to get to know and work with so many legends in the credit union industry.

Ultimately, Day Matthews [EVP at Civic CU] has been the most influential on me personally and on my legal career. She remains an incredible mentor and friend. [Retired Civic CU CEO] Maurice Smith was extremely gracious in sharing his wisdom around leadership, strategy and how to run a credit union. [Carolinas Credit Union League CEO] Dan Schline showed me the importance of credit union advocacy in D.C. and the value in creating a network of industry peers that ultimately become friends. Even now, I’m growing and learning every day working with [CEO] Tyler Grodi and the rest of the leadership team at Coastal. I’ve been incredibly lucky in this regard.
 
CU Times: What are some of the biggest differences between working in your current executive level role and your previous, non-executive roles?

Sherrick: It seems like I’m sitting in my office a lot more these days, which has been hard to get used to. I used to be the person who was in every meeting, trying to solve every problem at the credit union. Now I spend more time working through strategy and high-level decision making. The problems may still exist, but I’ve had to let go some of being the one to do the deep dive and solve them.
 
CU Times: What’s a challenge you faced when you first joined your executive team, and how did you overcome it?

Sherrick: At Local Government FCU, I felt like I knew everything about the credit union and had a decade of shared experiences with my team. Stepping into the Executive Team at Coastal, I lost all of that.

In order to get to a place where I felt like I was a productive member of the team, I had to get up to speed on the ‘how and why’ Coastal does things. Establishing new relationships was also a priority. You’re only as good as the people around you.
 
CU Times: How would you describe your current leadership style?

Sherrick: I believe I am the type of leader who understands and appreciates the past while simultaneously thinking about the future opportunities and challenges ahead. I also think my leadership style shifts based on business and team needs. There are times for more autocratic decision making, times for team input, times for coaching and times for inspiration. It just depends on the situation, which is something I think is important to be cognizant of.

CU Times: What are some lessons you've learned over your career concerning how to communicate well with others? 

Sherrick: I always try to remember that everyone sees the world through their own lens. We don’t all share the same way of processing things, so be prepared to communicate in multiple ways effectively.

I also encourage new or younger staff to find their voice, but that doesn’t mean be the loudest one in the room. If you’re in the room, you’re there for a reason, but you can quickly lose credibility if you’re not observant, prepared or come off as too aggressive. Build credibility, then provide value.

CU Times: What are some ways in which you achieve work/life balance, set boundaries and/or avoid burnout at work?

Sherrick: One of my favorite lessons over the years is this: You can only pour out of you, what’s poured into you. It can be applied in many ways, but I think it’s a great way to view work/life balance. This means I am intentional about monitoring my mental and physical well-being. If I’m feeling like more has been poured out of me than in, it’s time to step back and adjust. Being self-aware is an extremely important first step.
 
CU Times: What’s next for you on your executive career journey? Do you have any specific career goals you’re working toward?

Sherrick: For years I’ve been preparing to hopefully one day step into a CEO role. That preparation has come in many forms. I’ve spent a number of years studying leadership and the foundational elements that make organizations successful. I’ve tried to be intentional in conversations with other industry leaders and CEOs to learn from their wisdom, tactics and pitfalls in running a credit union. And I’ve tried to be thoughtful with myself about the type of leader I want to be and the type of organization I would like to one day hopefully run.

Right now, however, I’m thrilled to continue to work alongside the amazing executive team at Coastal. It is such a talented group, and I learn something from them every day.
 
CU Times: What big-picture impact do you hope to make within your credit union, as well as for your members and community? 

Sherrick: For me it’s important to ensure that credit unions continue to exist. There are challenges at every turn these days it seems. Big banks are on every corner. Medium to small banks want to eliminate the credit union tax status. Tech companies, big and small, are slowly chipping away at the financial services value proposition. Merchants are trying to strip away revenue streams that credit unions have relied on for years. And politicians seem to have a viewpoint on all of it!

Ensuring the viability of the credit union business model is the biggest impact one could hope to make. That allows credit unions to do what they do best – help their members and support their communities. Championing credit union advocacy, creating innovative ways to serve our members, rethinking the traditional credit union financial model – I’m here for all of it!

CU Times: What career advice would you give your younger self?

Sherrick: Be intentional with and appreciative of the opportunities that are presented to you – but continue to figure out how else you can make a difference.

Most importantly, take a deep breath. It’s fine.

Would you or someone you know like to share your journey to credit union leadership? Please reach out to Natasha Chilingerian at natasha.chilingerian@arc-network.com. To qualify, the individual must be a part of a credit union's leadership team or C-suite, and have a compelling story to share about their rise to their current leadership role.