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Peter Hanelt, CPA, board chair, Patelco Credit Union, Pleasanton, Calif., was recognized as the 2016 CUES Distinguished Director Monday at CUES’ Directors Conference in Maui. In the photo at right, he accepts his award from CUES’ President/CEO John Pembroke.
“I think it’s no secret growth is a product of synergy between the CEO and board. Neither is successful unless they are both successful,” he said, at the award ceremony. “We are standing in a moment of opportunity. It is a gap time between what has been and what is or will be. Today something new is beginning. But what are we overlooking in determining the future? Many credit unions will fail, that is a fact, which ones will do so is not known.
“Innovation creates disruption, positively transforming businesses that can make the change successfully and dooming to irrelevance and obsolescence those that can’t and leaving failed organizations in its wake.
“No disruptor will respect your organizations boundaries,” he warned. “The key is doing much better than your peers in creating superior member value; operational excellence; and innovation and growth that is efficient, productive and fast.”
Hanelt has been a Patelco CU board member since 1996, and board chair since 2011. During his tenure, he has served on the board finance, technology, merger and acquisitions, and compensation committees.
As director, Hanelt has provided strong and consistent financial guidance to Patelco CU. His advisement helped develop expense efficient operations, allowing for a high return to members through significantly better savings and lending rates. During this time, Patelco CU grew to become the 25th largest credit union in the nation in asset size while maintaining a very healthy net worth ratio.
As chairman, Hanelt established four fundamental goals as priorities for the board—rebuild and strengthen the executive team, institute the discipline of a rigorous annual planning cycle, improve the governance structure and effectiveness, and encourage a spirit of innovation.
Hanelt’s leadership led to the creation of many programs designed to better the financial lives of Patelco CU’s members, including the Member Give-Back Program and Switch-to-Save.
The Member Give-Back Program, named as one of the top 50 innovations within the credit union industry by CU Today, provided fee-free mortgage loans and reduced loan rates to members.
Switch-to-Save was designed to help members and potential members improve their financial well-being through reduced auto and credit card rates, helping 12,000 members save over $12 million for the estimated life of the loans switched.
The CUES Distinguished Director award is presented to a credit union board or committee member who is a CUES Director or Center for Credit Union Board Excellence (CCUBE) member, and whose achievements have strengthened their credit union.
