John Gisler, who grew a small credit union into one of this state's largest financial institutions, has resigned as CEO of Spire Federal Credit Union after 20 years in the position.
Gisler, 52, stepped down from the Falcon Heights-based credit union late last month to pursue other opportunities. Dan Stoltz, Spire's chief financial officer, will become interim CEO, though he is also a candidate for the permanent job.
A spokesman for Spire said Gisler's decision was his own, and that he was not asked to leave by the credit union's board of directors. "He doesn't have any real formalized plans," said Casey Carlson, marketing director for Spire. "He wants to take a break from things and see what opportunities come along."
Gisler could not be reached for comment Friday.
During Gisler's tenure, Spire grew from $67.5 million in assets to more than $585 million, making it the sixth-largest credit union in Minnesota. The credit union used to be known as Twin City Co-Ops Federal Credit Union, but changed its name to Spire in early 2008 to reflect its wide membership and that it no longer served only members of cooperatives. In recent years, Spire has pushed aggressively into auto lending, while offering cash promotions on new checking accounts.
But like many of its rivals, Spire has been hurt by growing loan losses and extra provisions. The credit union lost $4.6 million in the six months ended June 30, and its delinquent loans rose 50 percent over the same period a year earlier. Spire's capital-to-assets ratio, a key measure of financial health, of 7.04 percent was down from 8.06 percent a year earlier. Federal credit unions that have a net worth ratio of 7 percent or more are considered "well capitalized" by regulators.
Carlson said Gisler's departure was not related to the credit union's financial performance.
"This was something he planned quite a long time ago," he said. "Twenty years was a real benchmark for him."
