Indianapolis-Indiana-based Member Credit Union announced Tuesday that John Newett will take over as CEO on Jan. 1 after its longtime chief executive, Ron Collier, retires at the end of the year.
Collier, who has been with the Indiana Members Credit Union for 37 years, will continue to serve as CEO until he retires Dec. 31. In the meantime, Newett will take over the role of Collier’s president.
IMCU is the largest credit union in the Indianapolis area by local assets, according to IBJ research.
Newett, who now serves as the credit union’s senior vice president of operations, joined the organization in 2011 and has more than 26 years of industry experience. He previously worked as president and CEO of Indianapolis-based Harvester Financial Credit Union. Prior to that, he was a senior examiner at the National Credit Union Administration, the government agency that regulates federally insured credit unions.
“It gives me great pleasure to announce the appointment of John Newett as our new CEO,” Board Chairman Robert E. Martin said in a written statement. “John’s dedication, leadership, strong financial background and proven success position him well for this role. Our Board of Directors is confident that John will continue to build on IMCU’s legacy of member services, growth and success.”
With $3 billion in assets at the end of last year, IMCU is the second-largest credit union in the state, according to the National Credit Union Administration. The largest credit union in the state is the South Bend-based Teachers Credit Union, with $4.5 billion in assets. The third largest in the state, Evansville Teachers Credit Union, has $2.8 billion in assets.
Indiana Members Credit Union was established in 1956 on the campus of IUPUI, originally operating as the Federal Credit Union of Indiana University Medical Center. The organization operates 33 branches in central and southern Indiana and has more than 145,000 members.