Royal Credit Union promoted Brandon Riechers to president and chief executive of Royal Credit Union, effective July 31, the company announced on Tuesday.
The decision was unanimously approved by the Royal Credit Union board of directors. Randy Beck has been serving as interim president and CEO since April 15, following the departure of Rudy Pereira, according to a company press release. Riechers will be the fourth CEO to lead the credit union since it was created in 1964.
Riechers started at Royal CU in 1996 as a branch financial sales representative and became executive vice president and chief lending officer in 2012. During his tenure, Riechers has led the expansion of Royal’s Minnesota markets by successfully negotiating acquisitions of a bank and a bank branch, helped grow Royal’s loan portfolio through business services innovation, and served on the National Credit Union Administration Exam Flexibility Task Force.
Eau Claire, Wis.-based Royal Credit Union credited a pickup in indirect powersports loan volume to improvements made to its dealer funding process, Riechers told PowerSports Finance last August. The changes — implemented across its auto and powersports platforms in 2014 — included same-day dealer funding, same-day ACH, and direct access to loan officers to rehash deals in an effort to make the dealer transaction processes “as easy as possible,” he said.
Royal CU makes loans for 40 to 50 dealers nationwide. The credit union has seen a 9% year over year increase in its powersports originations, year-to-date, Smith said. The credit union operates in 42 counties of Minnesota and Wisconsin.