40 THE NAFCU JOURNAL January–February 2023 EXECUTIVE SPOTLIGHT Q: What led you to the credit union sector, and to Tower Federal Credit Union? A: Simply, the credit union industry was in alignment with my personal core values of helping people. I started my financial career as a college intern for a local small community bank, and I loved helping customers solve some of life’s financial challenges. I had a great mentor, worked hard and progressively worked for larger and larger banks. Unfortunately, they were more focused on achieving earnings rather than taking care of the customer. Meeting Tower in 2015 was a formative experience that solidified my career direction. I was truly impressed with Tower’s “people helping people” culture, leadership, board, members, laser focus on their mission and commitment to the military community. I felt I could help the Tower team continue their tradition of excellence. It was the perfect fit on a personal and professional level. Q: What’s your leadership style? How do you lead an engaged team? A: Life experiences have taught me the importance of being a team player, identifying the strengths of each member and how each can contribute to the common goal. I would classify my style as a cross between Coaching and Strategic Leadership. Empower, don’t micromanage, communicate, trust and be candid—all while creating a collaborative and collegial RICK STAFFORD President and CEO of Tower Federal Credit Union environment. Share your vision, surround yourself with amazing people and watch them excel beyond your expectations. Q: Why is community service and philanthropy important to you and Tower Federal Credit Union? A: I believe everyone has a moral responsibility to “give back” and make our communities a better place. Tower’s amazing team members share that philosophy. Giving back has always been a way of life at Tower and is at the heart of what we do. We started the TowerCares Foundation in 2015 with the mission of helping our nation’s military heroes, veterans and children in need. I’m proud to say that Tower employees and members have been ardent supporters from the start. To date, TowerCares has donated over $1.5 million to local charities, including $200,000 in college scholarships. Last year, we introduced Pennies for Change; every time a member uses a Tower debit or credit card, Tower donates a penny to the TowerCares Foundation. So far, Tower has donated $375,000 through Pennies for Change. It’s a privilege to help those who have served our country and protect our freedoms. Q: How do you prepare your credit union amidst economic uncertainty? A: If COVID has taught us anything, the only constant is change. My advice is to work in collaboration with your team and board to create as many balance sheet and income statement “levers” as possible to enhance your resiliency and flexibility in uncertain times. Remind your team often of your organization’s “Reason for Being.” Do not cut corners on risk mitigations like talent, education, cyber security, etc. Q: What advice do you have for other executives also trying to lead their teams through an uncertain economic environment? A: Don’t underestimate the power, ingenuity, creativeness and insightfulness of your team. You don’t need to have all the answers to an uncertain economic environment if you have a collaborative culture. Keep things simple; complexity adds unnecessary risk. Keep your team focused, don’t sweat the small stuff and reinforce/communicate your long-term vision. As former Secretary of State Colin Powell stated, “Don’t let adverse facts stand in the way of a good decision.” Tower’s 70th anniversary is in 2023, and we’ve been successful because of our unwavering commitment to our members and providing solutions to their needs. It is an honor to lead such a talented team. With NAFCU by our side, our best years are ahead of us.
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