Jennifer Borowy led a credit union turnaround before she turned 30.
When she took over as CEO of Buckeye State Credit Union in Akron, Ohio, in the fall of 2016, the credit union had lost $1.3 million the previous year and $3.5 million during the previous three years.
As Borowy tells it, she spent virtually every day and night at the credit union for the next three months digging into the general ledger and formulating a stability plan.
Borowy found a way to not only turn Buckeye State around, but to transform its culture. In 2017, the credit union earned $855,000 and in one year grew its net worth from about 6% to over 8%.
What’s more, as of June 2018 Buckeye State saved its members more than $5 million in loan payments during the previous two years.
Borowy was named a 2018 Credit Union Rock Star by Credit Union Magazine.
In this episode of the CUNA News Podcast, she describes the turnaround.
Editor's note: Since the taping of this podcast, Jennifer Borowy has left Buckeye State Credit Union.