Banking is not a complicated business, but it’s a hard business.
That’s what Todd Vanderpool, then-CEO of BankTennessee, told The Daily News in 2010. It was a couple years removed from the near-market collapse of 2008. But the scars of 2008 still showed up in some of Vanderpool’s general comments about the industry.
“It’s a real interesting time to be a banker,” said Vanderpool, who’s since left BankTennessee and now has a new job as CEO of FAA Federal Credit Union.
“We are a reflection of whatever is going on in our communities. … We gather deposits, we make loans and we put them out to people and businesses. And when the economy goes through what it’s gone through, it affects our customers.”
Vanderpool worked at Collierville-based BankTennessee since 2001 in several capacities, including as chief credit officer and a member of the board of directors, the asset liability committee and executive committee. His new employer is a not-for-profit financial cooperative chartered in 1954. It has seven locations – four in Memphis, two in Tupelo, Miss., and one in Houston.
With $98 million in assets and more than 12,000 members, it’s also one of the largest credit unions in Memphis. Vanderpool replaces Dawn Graeter as CEO of the credit union, who resigned in 2011 and Tom Sammons, vice chairman of the board who also served as interim CEO.
Vanderpool said the credit union’s focus “is on providing our members a safe, sound and secure financial institution and delivering (it) with uncommon caring. While we offer a variety of deposit and investment accounts, we make loans to our members using sound lending practices, as we have for almost 60 years.”
He brings more than three decades of experience in the financial services industry to his new role. Prior to working at BankTennesse, he was senior vice president of National Bank of Commerce and head of its metropolitan and correspondent banking division for three years.
From 1994 to 1998, Vanderpool was president of First Columbus National Bank/Deposit Guaranty National Bank in Columbus, Miss., and from 1987 to 1994, he was president of Deposit Guaranty in Southaven.
“Todd has a long and accomplished career in banking with a proven record of delivering strong operating results,” said Chris Syriac, chairman of the credit union’s board of directors. “The board sees Todd as a great fit to continue FAA Federal Credit Union’s tradition of creating exceptional financial value for our members.”