Primary Site Navigation

• Home
• I am CUES
• Join CUES
• Share your story
• cues.org

My name is Dave, and I am CUES.

CUES is the only place where I can speak very openly and seriously with colleagues who are dealing with the same challenges I am—whether it’s margin compression, membership issues, or loan demand.

I got my first taste of the world of finance as a high school student when I was the CFO of my high school’s Junior Achievement program. You’d start a company, go around the neighborhood to sell shares at a dollar a piece to build your working capital, make the trivet or potholder, sell it and distribute earnings back to the shareholders. I really enjoyed that experience and it kicked off my life in finance.

In college, I studied accounting, and my first job was at Media Federal Savings and Loan, a $50 million S&L in Media, Penn. I was the secretary treasurer, which was an extraordinary opportunity for someone my age. I was in charge of the accounting department, handled the financial reporting, and took the minutes at the board meetings. Our S&L just handled mortgages and savings—there was very little in between and the regulatory environment was different than what you see today! It was the period when the S&Ls were going out of business, a truly challenging time.

I moved from Media Federal S&L to become CFO at Atlantic Employees Federal Credit Union, which was also in Media. Bob Edmundson, who was my CEO at Atlantic, did an exceptional job helping me understand the credit union philosophy and the credit union difference. To me, the difference largely comes down to service: most financial service institutions offer the same products and the same rates, but credit unions walk the talk when it comes to service.

My last career move was fifteen years ago when I became CEO of Merck Sharp & Dohme Federal Credit Union. Membership in CUES was part of my benefits package and I used it to expand my credit union knowledge. I can’t stress enough how valuable my membership has been to my credit union career.

I generally attend one major conference a year, and it’s usually a CUES conference, typically CUES Symposium. CUES is the only place where I can speak very openly and seriously with colleagues who are dealing with the same challenges I am—whether it’s margin compression, membership issues, or loan demand. Other conferences tend to attract people from a variety of backgrounds—IT, marketing, HR—and I find that the CUES sessions are more in line with my needs as a CEO.

CUES has the best speakers and topics that are important to me. I really enjoy the format, including the fact that you’re seated with peers from credit unions of the same asset size. It’s a great place to network and exchange knowledge, and I always walk away from my CUES experiences with new insights and new contacts. The meetings are also a good place to connect with vendors and learn about best practices in the industry and new opportunities in areas like benefits and compensation programs.

I’ve recruited about ten people from our credit union to join CUES. I think it’s valuable for mid-level management to attend the CUES Council meetings. This is where the leaders of the future are connecting, and it’s an excellent opportunity for them to gain exposure and experience what the industry is all about. CUES has been critical in our credit union’s succession planning efforts—it’s a vital tool in helping us prepare tomorrow’s leaders.

My name is David Whitehead, from Merck Sharp & Dohme Federal Credit Union, and I am CUES.