TAMPA, Fla.–One accomplished credit union CEO who is preparing to retire is crediting her mother for some terrific advice and sharing with other leaders what she has learned about driving growth, managing people and more.
Laida Garcia, president and CEO of floridacentral Credit Union, has announced plans to retire in January 2023 and shares her thoughts with CUToday.info readers in the Exit Interview Q&A below.
Garcia began what her $625-million CU described as a “distinguished career” as a loan officer and has now spent four decades in the movement, including serving as a loan officer, director of marketing and communications, and senior vice president/chief credit officer. She also served as executive vice president for eight years before becoming the credit union’s second president and CEO in 2009.
During her career at floridacentral Garcia served on the CUNA board, chaired the National Credit Union Foundation, served on the board of the then Florida Credit Union League, was named Professional of the Year by the League of Southeastern Credit Unions, and was selected to serve as an inaugural member of the Filene Research Institute’s i3 group.
Below, Garcia offers her insights to questions presented by CUToday.info:
CUToday.info: How did you come to be involved in credit unions?
Garcia: After graduating from college, I applied for a lending job at First Florida Bank, now Bank of America. But it wasn’t long before my mom, a long-time credit union member, phoned and asked me why I wasn’t working for a credit union. I remember asking her, “Mom, just what is a credit union?” My parents were members of floridacentral Credit Union and encouraged me to reach out to them about a job. So, I took their advice. And, boy, was I glad I did. It was the best career decision of my life!
From day one, I loved my work there, first, as a part of the floridacentral loan team, and eventually working my way up the ranks to where I am today. I so enjoyed being a part of the credit union movement that I wanted to give back to the industry that I had become passionate about. So, I started out by serving on the board of my local credit union chapter and getting involved with legislative advocacy. From there, I went on to serve on my league board and as chair of the CUNA and NCUF boards, and other roles within the credit union industry.
It has been a most rewarding career. I feel privileged to have been able to serve our floridacentral members and our communities while also working to strengthen, advance and protect our great credit union industry.
CUToday.info: What have you learned about driving and managing growth during your career?
Garcia: I’ve learned that when opportunity strikes you need to take advantage of it. I took over as CEO right at the peak of the Great Recession. While many banks and credit unions were downsizing and “hunkering down” as they weathered the economic storm, we actually took the opportunity to grow. We placed much emphasis on marketing, expanded our branch network, and made sound loans – always keeping safety and soundness at the center of our operational decisions.
Since then, we’ve had to deal with a world-wide pandemic, the great resignation, inflation, a down-market and a likely recession. But I am a firm believer that the same strategy applies. Even during the most challenging of times, opportunities for growth do present themselves. It is up to us to find them.
CUToday.info: What have you learned about managing people and has that evolved?
Garcia: As a new and inexperienced CEO, I felt that I was expected to have all of the answers, to be always in command. But the reality is that no one expects you to have all of the answers. It was more important to become a good listener, to learn what your employees are thinking and even encourage them to share their thoughts and ideas.
This is something that I have learned over the years, and it has allowed me to create an environment of trust. Another important lesson learned is that if one is to motivate people, you must be able to communicate and share a clear vision of what it is that needs to be achieved working together.
I am very proud of the leadership team that we have built at floridacentral, and of the many employees that daily help us to achieve our goals, and to serve our members with distinction.
CUToday.info: What advice would you give to a new credit union leader/CEO beginning their career?
Garcia: If we have learned anything from dealing with COVID-19 and the employee shortage it created is that we can’t fulfill our mission to our members without people. Obvious, right? So, treat your employees as if they were your most valuable asset, because they are. Thank them and show them how much they mean to your organization. You can never do too much of that.
I also take time to participate in every new employee orientation. Getting to know new employees and having an opportunity to chat with them about our history and company values is important.
My philosophy has always been to lead by example. Don’t expect anyone to do what you are not willing to do yourself. If I see a piece of trash on the floor, I pick it up. I don’t call for someone else to do it. In addition to maintaining sound employee relations, you must also do so with your board of directors. Be sure to always maintain the lines of communication with your board open, and keep them well-informed on issues of financial and strategic importance. No one likes surprises.
In this day and age, when regulators expect more from boards and place greater burdens of responsibility upon them, it is important to provide board members with learning and educational opportunities.
CUToday.info: What is your view of the future of credit unions, if there is to be one?
Garcia: Like banks, but to a lesser degree, credit unions are experiencing consolidations and mergers. It is inevitable. But I firmly believe that credit unions are here to stay. They are growing in size and continue to maintain their financial soundness.
While banks and other competitors in the financial services industry may offer similar products, like savings accounts and loans, I truly feel that credit unions are the only ones that do so for the sole purpose of improving the financial lives of the people they serve. They are passionate about serving their members, and are motivated more by service than by profit.
Yet credit unions, like banks, face a major challenge. And that is, to serve a younger market. Our members are aging and millennials have shown little interest in banking in the traditional sense. Credit unions will need to continue to improve their online and mobile bank offerings, making technology a top priority in order to capture their attention.