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Catalyst's Kathy Garner Announces Retirement
Wednesday, September 19, 2018 6:45 AM

Bruce Fox will become Catalyst Corporate’s CEO in early 2019

Kathy Garner, who has guided the growth of one of the nation’s premier corporate credit unions, has announced she will retire in March 2019. Catalyst Corporate Federal Credit Union’s board of directors has tapped Bruce Fox, the corporate’s current executive vice president and chief investment officer, to become president/CEO of the $2.6 billion corporate upon Garner’s retirement.

Garner has led Catalyst since 2012, when the combination of Georgia Corporate Federal Credit Union and Southwest Bridge Corporate Federal Credit Union formed the new entity. During her tenure, Catalyst Corporate has grown to serve nearly 1,400 credit unions with a wide array of payment, liquidity, and investment services. Notably, Catalyst Corporate’s financial strength has grown with a total capital ratio of 10.54 percent, a retained earnings ratio of 3.48 percent, and an operating efficiency ratio of 87 percent. Catalyst Corporate remains well ahead of NCUA regulatory requirements.

Fox has spent more than 27 years with Catalyst Corporate and its preceding organizations. In addition to directing asset/liability management, balance sheet management, and lending functions, Fox serves as principal of Catalyst Strategic Solutions, Catalyst Corporate’s CUSO that provides balance sheet and advisory service to more than 360 credit unions with nearly $4.5 billion under advisement.

“Selecting Bruce Fox as Kathy’s successor is the logical choice,” said Catalyst Corporate Chairman Lin Hodges. Hodges, who is also CEO of Georgia-based Associated Credit Union, added, “Bruce’s many years of experience give him a deep understanding of Catalyst Corporate’s culture and mission of serving credit unions.”

Trevor Tokishi, Catalyst Corporate’s vice chairman and head of the CEO selection committee, said, “Bruce is the best choice to lead Catalyst Corporate, as he is well respected and ensures proven leadership. He understands the need for incorporating innovations into our traditional areas of expertise, including balance sheet management, payments, and correspondent services.”

Examples of Catalyst Corporate’s industry-leading innovations include its Loan Participation program, which has facilitated sales of more than $2.5 billion worth of loans between credit unions, and development of next-generation payment services through TranzCapture—a CUSO jointly owned by Catalyst Corporate along with Alloya Corporate and Corporate One.

Garner has worked more than 37 years in the credit union movement—serving as CEO of Northwest Corporate for 12 years before her 11-year tenure at Southwest Corporate and Catalyst Corporate, with the last seven years as president/CEO. She has also served the credit union movement on numerous committees, boards, and foundations.

“Credit unions have been my life’s work, and it has been extremely rewarding,” Garner said. “People put the heart in the credit union movement, and on this journey I’ve had the opportunity to work shoulder to shoulder with so many passionate and dedicated credit union supporters.”

“Catalyst Corporate has an outstanding group of professionals and a strong team serving our member credit unions," Garner added. "I have truly enjoyed leading Catalyst Corporate the last seven years and care deeply about the future of the organization.”

“We appreciate the work Kathy has done with the team at Catalyst Corporate," Chairman Hodges said. "Member credit unions give Catalyst Corporate a superior NPS score year after year, underscoring the trust and respect the organization has created in the industry. Kathy and her senior staff have created the most member-centric organization I have ever been involved with.”

Looking ahead, Fox noted, “I’m excited to continue Kathy’s vision and carry Catalyst Corporate’s business model forward. I am happy to be working with our top-notch team to build on a legacy of excellent service to credit unions.”

Hodges added, “The board has had the opportunity to work closely with Bruce for many years. He has demonstrated thoughtful leadership and will provide a steady hand as the corporate evolves to serve credit unions in an ever-changing environment.”

Catalyst Corporate Federal Credit Union is a wholesale cooperative financial institution serving more than 1,400 member and client credit unions in all 50 states. Since 1975, Catalyst Corporate has been providing credit unions efficient and competitively priced core financial services, including payments and technology services, liquidity and member credit services and balance sheet management and investment services, as well as industry-leading back-office support.

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Catalyst Corporate Federal Credit Union is a five-star endorsed business partner of Credit Union Resources, Inc., a wholly owned subsidiary of Cornerstone Credit Union League.