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After a 27-year career — including 13 years as CEO — Paul Kelly is retiring from what has become one of the largest and most successful credit unions in Canada.
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After an extensive search by the board of directors, Wellington Holbrook has been appointed as the new CEO of connectFirst Credit Union effective Feb. 9.
A well-rounded executive leader and banking and financial services expert, Holbrook has 25-plus years of experience in the industry, including in every part of banking with the Business Development Bank of Canada and ATB Financial. Holbrook joined connectFirst in 2020 from ATB, where he was chief transformation officer.
As the credit union’s COO, his operational leadership helped connectFirst launch into a new entity, promising to find ways to make banking more meaningful for Albertans.
The brand name connectFirst brought together a number of southern Alberta credit unions — including the largest First Calgary Financial — under the umbrella of one distinct label.
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Holbrook’s experience in information technology was helpful to the tech team in the conversion to the most secure banking system available throughout all of its branches in 40 communities across central and southern Alberta last year.
During that time, Holbrook says members were patient, enduring some frustrating annoyances, but the result is a much-improved member experience.
The response has been evident in connectFirst’s unprecedented growth and the strongest financial performance in the credit union’s 83-year history.
More than 3,800 new members joined during the past year, and that figure does not include the 4,000 added due to the merger last November with Spark — the Energy Credit Union. Member loans increased by $459 million and assets reached more than $6.2 billion, representing a big investment in the company that is 100 per cent owned by Albertans.
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It makes for exciting times, and Holbrook says it is an honour to be named the new CEO.
“For the past couple of years, we’ve been working to disrupt the way Albertans think about credit unions and financial institutions in general,” he said. “We are reimagining the way we do things at connectFirst, and we have some ambitious goals that include building a more prosperous future for our members and all Albertans through the passion, knowledge, expertise, connection and understanding of our teams.”
The teams comprise 750 employees, of which more than 400 are based in Calgary. ConnectFirst currently has 42 branches bringing unique financial services to communities from Red Deer south, and continues to add others, including an under-construction branch in Medicine Hat and renovations of its Oakridge and main branch in the CORE shopping centre in downtown Calgary.
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Many financial institutions are closing branches, asking the average consumer to work with them online. Holbrook says: “We are making big investments in our digital platforms but many customers need the caring and understanding of a real person — they are entitled to a conversation with a financial expert.”
He says there are also plans underway to expand to the north of the province. Spark has a branch in Fort Saskatchewan, giving activity in the Edmonton area, and the capital city is also a target for expansion.
Holbrook will continue to deliver on connectFirst’s “Mission to Make Money Make a Difference” throughout Alberta, while continuing his commitments to professional activities and community involvement. For three years he served as a board member of Calgary French & International School, six years as board member of the Calgary Chamber of Commerce, and since 2016 has been a member of the board and is currently chair of the Calgary Convention Centre Authority.
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Notes:
The Sorrenti family ran a restaurant in the Burns Building back in the mid-1980s, so they have certainly weathered the ups and downs of that industry over many years. Jordan Sorrenti and his wife, Kerry, began a well-earned retirement but it was halted in 2019 to operate the family-owned Paddy’s Barbecue and Brewery on Burnsland Road S.E. They are now wishing to return to retirement and are looking for someone else to grow the fast-paced business.
David Parker appears regularly in the Herald. Read his columns online at calgaryherald.com/business. He can be reached at 403-830-4622 or by email at info@davidparker.ca .
New CEO takes helm of fast-growing financial institution connectFirst Credit Union - Calgary Herald
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