The president and chief executive officer of City & County Credit Union, Patrick Pierce, is set to retire in April 2024 after nearly four decades of service in the credit union sector. Under his leadership, the member-owned institution has expanded significantly, now operating across eight counties in Minnesota.
City & County Credit Union, established in 1928 to serve local law enforcement and municipal employees, is not prominently recognized in major sports sponsorships, such as those associated with the Minnesota Vikings. Instead, it focuses on supporting smaller community initiatives like the CCCU Fieldhouse in Ramsey County, which hosts family-friendly events like “Toddler Tuesdays and Thursdays.”
Advocacy and Growth in the Credit Union Sector
Pierce’s tenure is marked by substantial advocacy efforts that have shaped the credit union landscape in Minnesota and beyond. He played a pivotal role in the 2003 legislation that allowed credit unions to pursue state-chartered community memberships, a move that was staunchly opposed by traditional banks. This legislation has been credited with enabling credit unions to thrive while maintaining their nonprofit status, which has often been viewed as giving them an advantage in the financial market.
In his capacity as a national leader, Pierce served as the former secretary of the Credit Union National Association and is currently the chair of America’s Credit Unions. His leadership was crucial in rallying credit union executives against attempts to convert them into for-profit entities during discussions surrounding President Donald Trump’s proposed legislation, known as the “Big Beautiful Bill.”
Reflecting on his career, Pierce noted, “What we do is not all that different, but why we do it is completely different.” His commitment to community-oriented banking has resonated throughout his professional journey, which began at the Minnesota League of Credit Unions shortly after graduating from the University of Wisconsin-River Falls.
During Pierce’s time, City & County Credit Union’s assets surged from $256 million in 2001 to nearly $1.2 billion today. Membership grew from 34,000 to over 62,000, partly due to strategic expansions, including the acquisition of the Mill City Credit Union in 2019, which added five more locations across the Midwest.
Community Focus and Financial Education
Pierce has emphasized the importance of community engagement throughout his career. City & County Credit Union has initiated various programs, including “relief loans” for customers impacted by federal food aid cuts and skip-a-payment benefits for federal workers affected by government shutdowns.
The credit union also prioritizes financial literacy, employing a specialist who teaches financial education in high schools and colleges. This approach aims to attract individuals who may be skeptical of conventional banking practices. Pierce has introduced innovative products, such as prize-linked savings accounts, which incentivize saving through lottery-style cash prizes.
His efforts to foster collaboration among credit unions culminated in the formation of the Minnesota Credit Union Network in 1997, aiming to unify diverse credit unions under a single advocacy platform. This collaborative spirit extended to a more recent merger of national credit union associations, further strengthening their collective voice against banking industry pressures.
As Pierce prepares for retirement, he leaves behind a legacy of resilience and commitment to community banking. He plans to volunteer with local hospitals alongside a chaplain from Lutheran Memorial Church in River Falls, Wisconsin, where he resides with his wife and family.
Following his retirement, executive vice president of operations Thomas Coulter will take over as CEO of City & County Credit Union. Coulter has been with the organization for 19 years and will also serve as acting president until Pierce departs.
The impact of Patrick Pierce’s leadership is evident in the growth and transformation of City & County Credit Union, a testament to his dedication to the credit union movement and the communities it serves.
