For more than two decades UMassFive College Credit Union was overseen by a woman who got her start in the organization as a teller.
Now, Kathy Hutchinson has retired from her position as president and CEO after a 42-year career at the institution.
“July 6 was my last day,” Hutchinson said.
Hutchinson’s replacement is Rich Kump, formerly the credit union’s vice president of member services and chief operating officer, who was hired by Hutchinson 17 years ago.
“One of the most powerful businesswomen here in western Mass,” Kump said of Hutchinson. “She was my mentor.”
Before Hutchinson began working at UMassFive, she served as an administrative assistant at the political science department at the University of Massachusetts Amherst. She got her first car loan from UMassFive in 1972, and she knew the assistant manager there, who was the mother of one of her high school friends.
This lead to Hutchinson taking a job at UMassFive as a teller, and she worked her way up the organization until the credit union’s board of directors appointed her president and CEO in 1997.
She leaves the organization with five branches, more than 120 employees and more than $460 million in assets.
What makes Hutchinson’s ascent even more remarkable is that she was able to accomplish it without the benefit of a college degree, although she has taken college classes. She also noted her willingness to learn.
“I believe I’m an avid learner. I always have been,” she said. “I’ve just never been afraid to learn something new.”
UMassFive, which celebrated its 50th anniversary last year, like its fellow credit unions, is a not-for-profit, member-owned, financial cooperative.
The board of directors at UMassFive is an all-volunteer organization that is elected by the membership. The board sets the strategic direction of the credit union and appoints the president and CEO, who then hires the other employees and runs the company.
Hutchinson praised the board at UMassFive, and also stressed the importance of serving the credit union’s membership. She said that the job for her was always about helping members.
“We know the members own the credit union,” she said.
Kump, who has spent most of his career working in credit unions, said that the industry overall is focused on helping its membership achieve its financial goals.
He noted that as nonprofits, credit unions are not about the bottom line, and that the profits they make return to the members in the form of less fees, lower loan rates, higher deposit rates and investing in services.
Kump also said that UMassFive is a great place to work, saying that a number of people have left and returned.
“The culture here is really something special,” he said.
He also said that 75 to 90 percent of management in the company have been internal hires.
Kump said that credit unions as a whole and UMassFive in particular have been growing. However, he also noted that all credit unions in the United States put together would have less of a financial presence than any of the three largest banks.
“Our focus remains unchanged and unwavering,” said Kump on what him taking over from Hutchinson means on an ethical level.
He also said the credit union will continue to pursue its recent commitments to renewable energy financing and commercial lending.
Asked about Hutchinson’s impact on the organization, Kump noted her dedication to aggressively lending and starting new programs, something that she had UMassFive do even in the Great Recession when other lenders were not lending money.
“Her foot was always on the gas,” said Kump.
Hutchinson, 64, said she’s ready for retirement.
“It will carry on very well without me,” she said of the credit union.
Hutchinson grew up in Belchertown, lives in Granby and plans to stay in the area.
“I’m very happy right where I am,” she said.
However, she did say that she and her husband, who is semi-retired, have bought a travel trailer with which to see the country.
As for the future of UMassFive, Kump said that a sixth location is in the works, as is the hiring of more staff.