December 31, 2012 will mark the end of an era for Centra Credit Union. Centra’s Chief Executive Officer, Loretta Burd, will retire, ending her 47-year career with Centra. “I am extremely grateful for the opportunities to lead Centra, and have thoroughly enjoyed working with outstanding employees who provide true value for our members,” Burd said. “Centra will remain in excellent hands with the leadership of Doug Harris, who joined Centra as Chief Financial Officer in 2001 and earlier this year was named President.”
Burd began her career with Centra in July, 1965 serving in a number of positions. At that time, Centra held about $4 million in assets and had 6,968 members. Over the years, she managed the Union Street branch, and established the Human Resources, Inventory Control and Facilities departments. In July, 1987, she became the President/CEO of what was then a $123 million organization. Today, Centra holds $1.1 billion in total assets, with nearly 280 employees and more than 125,000 members, and is the third largest credit union in Indiana.
Under Burd’s management, Centra has expanded from a company employee-based organization to one that extends open membership to residents in 30 Indiana counties, as well as locations in New York and North Carolina. She guided Centra through the mergers of nine other credit unions to provide Centra’s services to additional members. Centra’s services, number of locations and the convenience of electronic access have expanded as well.
Burd has been active in the credit union industry, both at state and national levels. She has served as a member of the Governmental Affairs Committee of the Indiana Credit Union League, Vice Chair of the Credit Union Centers of Indianapolis Board of Directors, and Chair of the Indiana Corporate Federal Credit Union Board of Directors (INDICORP). In 1996, she was appointed to the Board of Directors of the CUNA Mutual Group, a provider of insurance, financial products and services for credit unions and their members throughout the world. The CUNA Mutual Group is headquartered at the Credit Union Center in Madison, Wisconsin. Burd served as Board Chair for six years, the longest serving chair in company history. She continues to serve on the CUNA Mutual Board. From 1997 through 2004, Burd served as a member of the Indiana Department of Financial Institutions Board, an appointment made by the Governor. Nationally, she has also served as Chairwoman of CUNA’s (Credit Union National Association) Roundtable Council for the nation’s top 100 credit unions and was Chair of the National Credit Union Values Campaign.
Professional awards include being named by her peers in 1990 as one of the 100 Most Admired CEOs in the credit union industry, CEO of the Year by the Indiana Credit Union League in 1993, and being inducted into the Indiana Credit Union League Hall of Fame in 1996, among others.
In addition, she has served generously in the Columbus community. Organizations that have benefited from Burd’s expertise include the Columbus Chamber of Commerce, Columbus Regional Hospital Foundation, Bartholomew County United Way, the Mayor’s Advisory Council, the Mayor’s Vision Committee, the IUPUC Advisory Board, the kidscommons Children’s Museum Board, and the Heritage Fund. For her service and contributions to business and community, Burd also received a Sagamore of the Wabash award, the highest honor bestowed on citizens of Indiana by the Governor, in 2004.
“The Board of Directors sincerely wants to thank Loretta for her many years of dedicated service to this organization,” said Alan Degner. “She has always had our members’ best interests at heart in the decisions she has made and in the direction she has provided for Centra. Loretta’s influence at Centra will be felt long after she leaves her office.”
About Centra
Centra is a community-based financial institution serving multiple communities in central and southern Indiana, as well as locations in Jamestown, New York and Whitakers, North Carolina. Centra also is part of two nationwide networks: CU Service Centers, which provide an additional 4,500 branch locations throughout the United States – including nearly 200 branches in Indiana, and the CO-OP ATM Network, which provides free access to 28,000 ATMs in the U.S. and Canada. Founded in 1940, Centra currently provides financial accessibility, affordability, education and assistance to more than 125,000 members through a full range of banking services that include Savings and Checking options, Auto Loans, Mortgage Loans, Business Loans and Deposits, as well as Financial Management Services.