HAMPDEN, Maine--CUSO Home Lending (CUSO), has named Russell Cole its new President and CEO.
Cole will also serve as President and CEO of CUSO’s subsidiary, Business Lending Solutions (BLS), starting his new role effective Oct. 9, 2018, the company said.
Cole succeeds long-time CEO and founding Director of CUSO Home Lending and BLS, John Reed, who announced his retirement from CUSO earlier this year. Reed will remain on the CUSO Home Lending Board of Directors, as well as continue in his role of President and CEO of Maine Savings Federal Credit Union, the company said.
Cole’s most recent role has been as Principal of his own consulting firm, working with mid-sized businesses. Prior to that, he held a number of executive-level positions, including President and CEO of First Ipswich Bank and Ocean National Bank and vice president positions at Maine National Bank and First NH Mortgage Corporation, among others.
“After an extensive national review process, we are confident in our selection of Russ,” stated Todd Mason, Chairman of CUSO Home Lending and President/CEO of the Maine Credit Union League and Synergent. “He is a native Mainer with a strong background in lending and executive management. Importantly, he is also a good cultural fit sharing the vision to make residential and commercial lending the best option available to every member via their credit union. This includes ensuring CUSO and BLS provide the full range of options to enable credit unions to be leaders in these important areas.”
“I look forward to becoming part of the Credit Union Movement and CUSO,” said Cole. “What motivates me is the opportunity to make a difference in people’s lives, such as helping fulfill the dreams of home ownership and running your own business. I plan to build on the success that CUSO and BLS have enjoyed for so many years, and look for ways to make its services even more accessible to more credit unions.”