CEO of Mid Minnesota Federal Credit Union retiring

Chuck Albrecht, longtime president and chief executive of Mid Minnesota Federal Credit Union in Baxter, is retiring.

The $650 million-asset credit union announced that Albrecht, who joined Mid Minnesota FCU in 2003 as CEO, is planning to leave the role in March of next year. While Albrecht has been at the helm, the credit union grew from $110 million of assets to $650 million and expanded its membership base to more than 55,000, up from 28,000.

"Chuck has been an asset to this credit union, building a solid foundation for the organization to continue to grow and serve our membership … While we will be sad to see him go, we wish him a happy retirement," Theresa Goble, chairperson of Mid Minnesota FCU's board, said in a press release Thursday.

The credit union has recruited D. Hilton Associates to conduct a nationwide search for Albrecht's successor.

Earlier this year, the National Credit Union Administration advanced a rule that would require federal credit unions develop and adhere to processes for succession planning. 

The National Association of Federally-Insured Credit Unions and the Credit Union National Association argued in their responses that the proposed rule would unequally impact financial institutions with smaller economies of scale, and instead called for additional guidance and resources in lieu of a formal rule.