BETTENDORF, Iowa (10/28/14)--With a $2 million corporate gift, Ascentra CU will honor former president/CEO Paul Lensmeyer by establishing the Ascentra Credit Union Foundation, a fund within the Community Foundation of the Great River Bend.
The collaboration represents the largest corporate partnership with the Community Foundation to date by establishing a $1.75 million endowment to support its corporate philanthropy and a non-endowed fund of $250,000 for additional grants.
"What better way to not only honor Paul, but to do what is right for our community and our members?" said Dale Owen, president/CEO of the $375 million-asset credit union, who had been in the process of transitioning into his position when Lensmeyer died May 20, 2013.
Community Foundation of the Great River Bend is the lead foundation for 14 affiliate foundations throughout eastern Iowa and western Illinois. It serves a 17-county service area.
In honor of Lensmeyer, the Bettendorf, Iowa-based credit union provided donations in the past year totaling more than $150,000 to several local organizations, including the Pleasant Valley Schools Educational Foundation, the Bettendorf/Quad City Rotary, Greater Quad Cities Hispanic Chamber of Commerce, Iowa Credit Union Foundation and the Children's Miracle Network at the University of Iowa Hospitals.
Lensmeyer and Ascentra's board put in place a life insurance policy that would protect the credit union in the event of his death. As Lensmeyer was preparing for retirement, he had already initiated a succession plan and had selected and trained Owen to assume his CEO responsibilities.
Ascentra's board and senior management team used the proceeds of the insurance policy to continue the spirit of service and generosity that Lensmeyer taught and lived.