The long-serving president and chief executive officer of City & County Credit Union, Patrick Pierce, has announced his retirement after nearly 40 years of advocacy in the credit union sector. Pierce, who has led the organization since 2001, will step down in April 2024, marking a significant transition for the institution that serves members across multiple counties in Minnesota.
Legacy of Growth and Advocacy
Founded in 1928 at the Ramsey County Courthouse in downtown St. Paul, City & County Credit Union has evolved from its original mission of serving municipal employees to encompass members from eight counties. Under Pierce’s leadership, the credit union’s assets have surged from $256 million to nearly $1.2 billion. The institution has expanded its footprint from three locations to eight, including a notable acquisition of the Mill City Credit Union in 2019, which added five sites primarily within General Mills facilities.
Pierce is especially recognized in Minnesota for his efforts in advancing state legislation that allowed credit unions to secure community charters. This pivotal change, enacted in 2003, reduced the regulatory burdens compared to federal charters, a move that was met with resistance from traditional banks. Throughout his tenure, Pierce has been a powerful advocate for the credit union movement both at state and national levels, serving as former secretary of the Credit Union National Association and currently as chair of America’s Credit Unions.
Reflecting on his career, Pierce noted that his upbringing as the son of a credit union board officer instilled in him a deep appreciation for the sector. He has never held accounts with any institution other than credit unions, emphasizing his commitment to the cause.
Commitment to Community and Innovation
During Pierce’s leadership, membership has more than doubled, growing from 34,000 to over 62,000 members. The credit union’s community-oriented approach has allowed it to build strong relationships with local groups, focusing on providing services to those often skeptical of traditional banking. Initiatives such as “relief loans” for clients affected by federal benefit cuts demonstrate the credit union’s dedication to supporting its members in times of need.
To enhance financial literacy, the credit union employs a financial education specialist who conducts workshops in high schools and colleges, reaching out to potential members and fostering a culture of financial responsibility. Pierce has championed innovative programs, including prize-linked savings accounts, which incentivize savings through lottery-style prizes.
As he prepares for retirement, Pierce will also conclude his role as board chair of America’s Credit Unions. His leadership has been crucial in countering efforts by banks to dismantle the nonprofit status that credit unions enjoy, which they argue gives credit unions an unfair competitive edge.
Looking ahead, Thomas Coulter, the current executive vice president of operations, has been appointed as the new chief executive officer. Coulter, who has been with the credit union for 19 years, will also serve as acting president until Pierce’s departure.
Pierce leaves behind a robust organization poised for continued growth and community impact. He plans to volunteer at local hospitals after retirement, alongside a chaplain from Lutheran Memorial Church in River Falls, Wisconsin, where he first met his wife.
The legacy of City & County Credit Union under Pierce’s guidance is marked by significant expansion, community engagement, and a steadfast commitment to the principles of credit unions as nonprofit institutions dedicated to serving their members.
