December 13, 2013 – Boca Raton, FL:
IBMSECU Welcomes New President/CEO, Michael Miller
IBMSECU is pleased to announce that Michael Miller, a senior executive with 30 years of experience in the financial services sector, has been named as its new President and Chief Executive Officer.
Miller will assume leadership of the $842 million IBMSECU on January 1, 2014. IBMSECU, one of the nation’s largest credit unions, is headquartered in Boca Raton, with branches in the South Florida and Atlanta, GA regions.
Miller takes over for IBMSECU’s longtime and highly celebrated leader, Lary McCants. Over McCants’s 20 year career as CEO, he is proud to have overseen CU growth from $261 million in assets to almost $900 million in assets and he watched the IBMSECU Membership as it doubled from 35,500 to over 74,000 Members. Six additional credit unions were merged into its field of membership and the IBMSECU branching network expanded from 4 to 15 branches. McCants’s leadership guided the Credit Union’s movement into social media, mobile banking and electronic services, giving IBMSECU Members 24/7 remote access to accounts, information and services.
Miller moves over to IBMSECU from his position as Vice President and Chief Operations Officer at the $1.4 billion Indiana Members Credit Union headquartered in Indianapolis, Indiana. He has spent more than 30 years in the financial services industry including twenty years at Indiana Members CU. Miller previously served as Problem Case Officer at the National Credit Union Administration and Internal Auditor at Indiana University Employees’ Credit Union.
Miller steps into the top role following IBMSECU’s year of improved earnings, a noteworthy accomplishment in the face of the nation’s slow financial recovery. The Credit Union posted a 9.22% net worth ratio at the close of November 30, 2013, which is considered “well capitalized,” according to the standard set by the National Credit Union Association, the regulatory agency for all credit unions.
“IBMSECU has long been known as an innovative leader in the financial services industry and I am more than honored to join the trusted IBMSECU Team,” Miller says. “I will be a diligent advocate for the safety and soundness of our Members’ financial well-being.”
Don L. Lee, Chairman of the Board at IBM Southeast for the past 16 years, said, “Throughout our nationwide search with JMFA Executive Search Group, Michael Miller stood out as a seasoned, trusted leader with a passion for serving Members. He possesses a balanced mix of leadership experience, proven and tested financial acumen and innovative thinking that will provide the blend of practical skills and vision we view as vital to the future of IBMSECU.”
In its industry, IBMSECU holds a unique position of consistent success. Lee points out that in 1983, there were over 22,000 credit unions. “Today, there are less than 7,000 credit unions in operation yet more people are being served as active members of credit unions today than ever before,” he said.
“IBMSECU has thrived throughout 45 years of the nation’s economic ups and downs and ranks as one of the largest credit unions in the nation today,” Lee concludes. “We all are confident Michael Miller is the right individual to ensure that continuing legacy of greatness and we look forward to having him on board.”
Miller serves in many professional organizations. He is currently serving as a member of the Credit Union Executives Society and has been active in various community Boards. He enjoys participating in various fundraising events including Samaritan’s Feet, BackPack Attack and the Brownsburg Education Foundation. Additionally, Miller has a Bachelor of Science in Finance from Indiana University.
“It is truly an honor to succeed Lary McCants and build on the strong foundation he helped establish here. I look forward to working strategically with the dedicated staff and volunteers on the Board to best serve our Members,” said Miller.
Michael and his wife, Dana will reside in Boca Raton, Florida, and have three children, Emily, Zachary, and Molly.