September 30, 2013
Shop Talk
Q&A With Anthony Emerson Of IC Federal Credit Union
PHOTO/RICK SAIA
Emerson
By Rick Saia
Variety can be the spice of life. Anthony Emerson discovered — after time in the military, retail, the manufacturing industry and business consulting — that it can also spice up a career. As the new president and CEO of IC Federal Credit Union, he's bringing all that experience together. His most recent role was that of president and CEO of The Credit Union League of Connecticut.
You’ve had an eclectic background. How does that all come together for you in this role?
It served me very well, because there are a lot of good CEOs at credit unions and other financial institutions. Typically, they come up in a siloed environment, either through lending, operations, accounting. But I've had the operations, the accounting, the lending (experience). I've had experience starting a successful CUSO (credit union service organization). I get to bring it all together.
I went through the Six Sigma program at GE years ago, so (I know) process improvement, process analysis. And the staff here probably gets sick of me saying it, but I reiterated it to the board: We've been able to flush $600,000 to $800,000 of waste out of the system in the last four months alone. (It) hasn't adversely affected anyone on staff. It's actually improved many of our processes.
Many people change industries in their career paths. Has that been a challenge for you?
Not really, because of the experience I bring. It's all worked; it's like a LEGO puzzle. The things that I've been able to experience in those different industries have served me well ... I'm able to see different parts of how things work.
Why the credit union industry?
When I got back into credit unions years ago I was just looking for an industry. So by accident I got into credit unions. But once I got in, learned the business model and learned what they were about, I just fell in love with the fact that it's about the member owners, and the business structure — volunteer boards, committees — and decided that's where I wanted to stay.
You’re less than six months into the job. What sets IC apart from other credit unions and banks in this area?
The incredible potential here. Good example: My second week here I was able to go to Fort Devens (for) a dinner with our staff (members) with over 10 years' experience. We have 128 employees; there were over 70 staff at that (dinner). That tells me a lot, and out of that 70, I'm told, half of (them) have over 20 years' experience. So we have a very experienced, dedicated, loyal staff, which is essential to the growth of any business. We've got a great balance sheet and we've got a lot of places where we can create efficiencies and run better and serve our members better.
How did your last job in Connecticut prepare you for this one?
In my last position, I worked with dozens of supervisory committees. So I have a larger lens to look at rather than a myopic, one-track lens. My board in Connecticut was made up of 18 (committees), then 11: all credit union CEOs. So, I got to see so much. That's why I say I was down there for five-and-a-half years but I had 15 years of experience.
What’s the most important thing a bank or credit union leader needs to know today to help set the future direction of his organization?
Understand the capability of what they have in terms of human resources, capital and how they can be dynamic with the balance sheet to sustain future growth. And also have an eye open for member service and technology.
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Shop Talk - Anthony Emerson, IC Federal Credit Union
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