Banking

CEO of Teachers Credit Union steps down unexpectedly

Paul Marsh has stepped down as president and CEO of Teachers Credit Union in South Bend, Ind., the credit union announced Tuesday.

Paul Marsh, president and CEO of Teachers Credit Union

The $4 billion-asset institution named Waylon Peterson, the current president of TCU Wealth Management, to serve as the interim president and CEO. Teachers has launched a national search to find its next leader.

Marsh worked at Teachers CU for more than 30 years and was named CEO in 2011.

“We thank Paul for his work and contributions over the last decade as CEO and wish him well as he pursues the next chapter of his career,” said Dr. Vincent Henderson, chairman of the credit union’s board of directors. “During his time at TCU, Waylon has exemplified servant leadership and been a key player in TCU’s significant growth in the Midwest.”

Peterson headed the TCU Wealth Management team for the past 21 years. In that time, it has grown to one of the largest credit union programs in the nation, with more than $1 billion of assets under management.

“Over the past 90 years, TCU has grown because of the tireless devotion of every team member to serve our members and our communities. We will remain steadfast in those efforts as we create new — and deepen existing — relationships,” Peterson said in the release.

Teachers CU earned $26.7 million in 2020, compared with $24.3 million the year before, according to call report data from the National Credit Union Administration.



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