WASHINGTON, Dec 01, 2008 The REALTORS® Federal Credit Union board of directors today announced that veteran credit union leader, Thomas A. Glatt Sr., has been chosen the top executive of the newly chartered organization that will serve the nation’s Realtors®.
The RFCU is a not-for-profit cooperative owned by its members and directed by an elected volunteer board. It will not be owned by NAR. Like other credit unions, RFCU is a stand-alone entity, and earnings will flow back to the credit union and its members, not to NAR.
Glatt will assume office as the chief executive officer of the RFCU on December 15.
“The REALTORS® Federal Credit Union is a terrific world-class member benefit that the National Association of Realtors® is providing to its members,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokers in Dallas-Fort Worth. “This is indeed a cause for celebration among all our members because this credit union is tailor-made to accommodate the work habits and lifestyles of Realtors®, most of whom are independent contractors compensated by commissions.”
“We are happy to make this great benefit available to our members as part of a number of strategic initiatives to make NAR membership even more valuable. The credit union was designed to be convenient for Realtors® because it will be open 24/7 and Internet-based,” said NAR CEO Dale Stinton.
Stinton also welcomed Glatt as the RFCU’s first CEO. “We are proud that such a distinguished leader of the credit union industry as Tom Glatt will be heading this new organization. We are glad he will be part of our extended family.”
Realtor® Mike Brodie, chairman of the RFCU board of directors, also praised Glatt. “Realtors® will find Tom to be a man of high moral integrity and ethical standards, and one of the most respected professionals in the industry. He has demonstrated a lifetime commitment to the service of others, and we’re proud he will be leading our team.”
“This is a great opportunity and challenge to run the first Web-based credit union, and I want Realtors® to know that their own credit union will be responsive to their needs and work style,” said Glatt. “Our primary job is to serve Realtors®.” Glatt said his first order of business is to assemble his senior management team. That process has already begun.
A 20-year pro in the credit union movement, for the past two years Glatt has been CEO of Continental Federal Credit Union that serves airline industry employees. He was named CEO of the Year by the National Association of Federal Credit Unions, and earlier this year was cited as CEO of the Year by the Credit Union Times.
Before that he was executive vice president and chief operating officer for two years of OnPoint Community Credit Union, formerly Portland Teachers Credit Union. For 16 years, he headed a credit union consultancy that advised some of the largest credit unions in the country. He has also served as chief financial officer with First Financial FCU in West Covina, Calif., and 66 FCU of Philips Petroleum in Bartlesville, Okla. In addition, Glatt has been a member of the boards of directors of USA FCU, San Diego, and Kaiperm FCU, Oakland, Calif.
A published author of more than 20 articles on leadership, strategy, and operational and organization topics, Glatt also authored white papers on evolving issues on technology planning. He has been a frequent keynote speaker for such industry groups as the National Association of Federal Credit Unions, the California Credit Union League and state leagues and associations.
Glatt began his career as a staff accountant and CPA with Arthur Young & Co., CPAs, in 1977 after discharge from the armed services.
A graduate of McNeese State University in Lake Charles, La., Glatt earned his master’s of science in accountancy at the University of Houston, where he also taught two sections of accounting while performing post-masters work. He continued teaching for a year and half after joining Arthur Young.
Glatt served for three years as an artillery officer in the U.S. Army with NATO, and was awarded the Meritorious Service Medal. He and his wife, Diane, have three daughters and a son.
The RFCU is scheduled to open for business in mid-2009. All Realtors® and their families, as well as NAR’s institutes, societies and councils, are eligible to become RFCU members. NAR staff and the staffs of state and local boards and associations are also eligible. Clients and customers of Realtors®, such as home buyers and home sellers, are not eligible.
The RFCU is a not-for-profit cooperative owned by its members and directed by an elected volunteer board. It will not be owned by NAR. Like other credit unions, RFCU is a stand-alone entity, and earnings will flow back to the credit union and its members, not to NAR.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. News releases are posted in the Web site’s “News Media” section in the NAR Media Center.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.
