SPRINGFIELD, Mo.–Loretta Roney got something of a surprise on her first day of work at a credit union: she was the CEO.
Today the CEO of the $66-million Volt Credit Union here, Roney said she likely never would have taken her first CEO job at age 28 had she read the fine print on the job description.
“There was a little bit of a misunderstanding, or more accurately an improper use of terminology, from the board of District 5 Highway Credit Union,” explained Roney, recalling her beginnings in 2006 at the $11-million CU based in Jefferson City, Mo. “It wasn’t that they tried to trick me.”
What happened was Roney thought she was signing on at District 5 to be the branch manager of the one-location CU. Instead, on her first day on the job, she learned she was the CEO.
She explained that “branch manager” was the term used in the job description and posting, but Roney said the HR manager of MoDOT, the Missouri Department of Transportation, which the CU served and which reimbursed the CU for its salaries and expenses, did not understand what “branch manager” meant in the context of financial services.
“Looking back, I know it was just them not being really familiar with what the term truly implied,” said Roney, who is 41.
And Roney quickly learned how the credit union’s board interpreted the role.
“I kept getting papers placed on my desk my first day that were addressed to the president of the credit union, so I asked the staff who the president is, and they told me it was me. Now that was a big surprise,” recalled Roney.
A Return to Credit Unions
Roney had just come to the CU after being a branch manager at one of U.S. Bank’s offices in Missouri. She felt she wanted to get back into credit unions, having previously worked at an office of Missouri Credit Union.
“But I wanted to be a branch manager. Never in my mind did I ever consider being a CEO,” she said.
Loretta Roney
Yet it has been that twist of fate that has propelled Roney quickly forward in her credit union career, although she acknowledged to CUToday.info that she initially wrestled with the idea of returning to her old job at U.S. Bank when first confronted with the unexpected challenge in front of her.
“I know my old boss at the bank would give me my job back, and believe me I really considered that. It was a bit unnerving to suddenly know you are running a credit union as its president and CEO. I wasn’t sure I would be able to do it,” she recalled.
Sink or Swim
But Roney decided to move forward, and she said she knew the decision was “sink or swim.”
“I had never done accounting for credit unions before. I had never done a call report. I was thrown to the wolves. But I am so glad today I decided to swim, and I know how easy it is for people to fall back to safety; that is natural,” said Roney, who was recently named one of the 20 Most Influential Women in Springfield by the Springfield Business Journal. “But I also knew I needed help.”
Roney said she reached out to the Missouri Credit Union League, which sent a staffer to help her “figure out how to balance the books and get everything going and up and running.”
Open With Board
She also said she was open with her board about her need for training, and asked them to OK educational courses for her, which they did.
“I also went to a lot of meetings with local credit union people,” Roney explained. “I would ask local leaders—‘Do you have this policy? Do you use that process?’ I asked a lot of questions. I learned quickly it’s important not to be afraid to raise your hand and ask questions and say ‘I don't know how to do this, I need help.’ Don't let your pride get in the way of your growth and development.”
Roney said it took a couple of years to get the struggling credit union in order, especially since it had to recover from not having had a manager for six months prior to her taking the role.
“I finally got the whole shop in order, including going through a couple rough exams, but we got the credit union off life support. Then I said, ‘how do we make this credit union better and have it flourish and grow’,” she said.
A Career-Defining Moment
When Roney left to lead Volt CU in 2014, District 5 Highway Credit Union had grown to $20 million in assets and had recently changed its name to Highway Alliance Credit Union. The credit union remains in operation today. Meanwhile, Volt Credit Union has over the last four years grown assets by more than $6 million. Net worth stands at 10.25%.
“I recently talked about my career-defining moment during a local women’s meeting,” said Roney. “I knew I could go back to my old job or take on the new responsibilities, which I knew was an opportunity I might never come across again that early in my career. I've always said you can step forward into growth or you can step backward into safety. My career has taken off much faster than I ever expected from all this, and it has helped solidify the direction of my career.”
The Power of Honesty
Roney believes her being honest about her lack of knowledge in some areas of credit unions when she took over at District 5 is what has helped her succeed.
“I always tell people to be extremely transparent,” she said. “I always tell people I can ride a long way with you if I know what you want to do and where you want to go. Just show me that you are willing to get there and tell me what you need. I think a lot of success can be attributed to being highly communicative.”