BETTENDORF, Iowa – Ascentra Credit Union is honoring former CEO Paul Lensmeyer by establishing the Ascentra Credit Union Foundation, a fund within the Community Foundation of the Great River Bend.
“Paul Lensmeyer was more than the President & CEO; he was a charismatic leader, a friend to many and an astute businessman who spent his life giving to others. He was the heart of the organization for over 20 years and created a culture dedicated to giving back and community service,” the credit union said. Lensmeyer passed away unexpectedly, and the key person life insurance policy that was in place is being used to fund the new Foundation. The credit union established an endowment and a charitable giving fund, and is in the process of working with the Community Foundation to enhance its giving and further their philanthropic outreach in the communities they serve. The credit union said the collaboration represents the largest corporate partnership with the Community Foundation to date by establishing a $1.75 million endowment to support their corporate philanthropy, and a non-endowed fund of $250,000 for additional grants.