The Security Service Federal Credit Union (SSFCU) Board of Directors has announced David E. Reynolds will step down from his position as Chief Executive Officer, effective March 24, 2014. He will be succeeded as CEO by Security Service’s current President, Jim Laffoon.
Reynolds began his credit union career in August 1974 as a Field Examiner and Auditor for the National Credit Union Administration (NCUA). After nine years with NCUA in positions of increased responsibility, he joined Pentagon Federal Credit Union in 1983 and established the credit union’s first office in San Antonio. Reynolds joined Security Service in March 1986 as Senior Vice President and in August of 1986 he was promoted to Executive Vice President. On May 14, 1997, SSFCU’s Board of Directors selected him for the position of President and Chief Executive Officer.
Under Reynolds’ leadership as Chief Executive, the credit union has grown from $330 million with nine branches to an enterprise serving more than 900,000 members with $7.5 billion in assets and 70 branches in Texas, Colorado and Utah. Security Service is now the largest credit union in Texas and San Antonio and the eighth largest in the United States.
During his tenure, the credit union has been the number one credit union indirect auto lender in the nation for over a decade, was an industry leader in adopting online delivery channels for improved member convenience and completed numerous mergers with and acquisitions of troubled credit unions allowing SSFCU to expand service to members and to serve new markets in South Texas, El Paso, Colorado and Utah.
“Under David Reynolds’ leadership, Security Service has expanded the credit union’s reach to serve more members and to provide enhanced products and services to meet their financial needs,” said Jim O’Farrell, SSFCU Chairman of the Board. “He has been committed to ensuring the continued safety and soundness of Security Service while also giving back to the members and the communities where we work and live.”
In addition to his work at SSFCU, Reynolds has served as a member of the Finance Committee and Board of Directors for the Credit Union Direct Lending organization; the National Association of Federal Credit Unions’ Share Insurance, Liquidity and Development Fund Oversight Committee; Board of Trustees of the United Way of San Antonio and Bexar County; the Boards of San Antonio’s CHRISTUS Santa Rosa Children’s Hospital Foundation and the San Antonio Economic Development Foundation; and the Advisory Council for the College of Business at the University of Texas at San Antonio.