For much of his professional career, 29-year-old Wade Brink worked for the largest community bank in the nation, First Citizens Bank, and one of the world's biggest global financial services companies, Credit Suisse Group.
Today, he is the president/CEO of a small credit union in Pennsylvania, the $18.7 million Oil Country Federal Credit Union in Titusville, home of the nation's first successful commercial oil well, which was drilled in 1859 and launched the oil industry.
Though Brink said he loves being the CEO of a small credit union in a small town, where he sees strong opportunities for growth, many small and midsize credit unions are struggling to find or develop executive talent. Some small-asset credit unions are forced to merge when they are unable to attract new leadership. Nevertheless, experts say small and midsize credit unions can take steps to overcome succession issues by investing some resources and time into planning for the inevitably of management changes.
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