The longtime chief executive officer at the San Mateo Credit Union is preparing to retire after leading the member-owned nonprofit agency for the past 28 years.
Barry Jolette announced his retirement last year and will step down as soon as the credit union’s board hires his replacement sometime soon, the agency’s Vice President of Marketing Stephen Tabler said Thursday.
The list has narrowed to replace Jolette and negotiations should start soon, Tabler said.
Jolette is credited with growing the credit union’s membership from 18,000 in 1987 to 77,000 members today. It’s portfolio has grown from $7 million when Jolette took the job to about $766 million in assets today.
Jolette first started in the financial-cooperative industry in 1965.
Since joining the Redwood City-headquartered credit union, it has grown to eight branches including its newest in Palo Alto after a merger with the credit union there.
Many in the community consider him a mentor, including Rosanne Foust, the president and CEO of the San Mateo County Economic Development Association and a Redwood City councilwoman.
“He is a tremendous community asset,” she said. “Honestly, I wish we could clone Barry. I wish there were more people like him.”
Foust has held on to an email message Jolette sent her when she was going through some difficult times on the council.
“He said to ‘hold your head high and treat people like you always have and this too shall past,’” Foust said.
Redwood City Mayor Jeff Gee called him a champion of the community and said, while he is sad to him go, wishes him all the best in his next chapter.
“Barry has been a great partner in Redwood City. As president of San Mateo Credit Union, he understands what it takes to engage our community, contribute and that business is part of a healthy community,” Gee said. “So he’s been a tremendous partner in our city and the Redwood City community.”
Tabler said Jolette’s replacement should be named within the next six to eight weeks.
“It will be a big transition for him and us,” Tabler said.
Jolette was an advocate for the passage of the Credit Union Membership Access Act of 1998, which is regarded by many as the most important piece of legislation for credit unions. He has also visited Congress for 25 consecutive years to advocate on behalf of the industry, said Matt Wrye with the California and Nevada Credit Union Leagues.
(650) 344-5200 ext. 102
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