CU 2.0 Podcast Episode 144, Randy Icelow Rolling F Credit Union, From a Temp Gig to CEO
by Robert McGarvey
At 29 Randy Icelow said he was a temp worker for a bus company in California’s Central Valley and flashforward to now he is 38 and CEO of a $63 million credit union, Rolling F based in Turlock CA, where its SEG is Foster Farms, one of the biggest chicken companies in the country.
This podcast grew out of a post Icelow put up on the CU 2.0 Facebook group where he recounted his story. Reading his story we knew he had to be a podcast guest because his is an inspiration story of success in the face of failure. He graduated from college in 2008 with a finance degree and you remember how dismal the credit union and bank job markets were then. He bounced around a bit, took more classes, got a job as a school teacher in Stockton, which proceeded to file bankruptcy. He was back working as a temp and he lucked out. He got a gig at a credit union which liked him so much they hired him onto regular staff.
After a while he applied for a CEO job at a bank – didn’t get it but learned a lot – and then applied for the CEO job at Rolling F which he did not get. A retired banker got the job but the board advised him to hire Icelow and train him up to be his successor, which came to pass in three years.
You like that story? Of course you do.
But there are other great stories in this podcast. For instance, Icelow says that a Rolling F specialty is refinancing car loans – and many come in with a loan that has a rate of maybe 29%, which Rolling F can in some cases get down to 5.5%. The monthly payment goes from $500 to half that and an extra $250 per month in that worker’s pocket is big money.
Magic happened in Icelow’s personal life but now he is making magic happen in the lives of the hard workers who are his members.
Can Rolling F survive with $60 million in assets? Listen to his answer – and as you hear it remember that $500 monthly note on a 10 year old Nissan Sentra, You just may be persuaded by his math and his passion.
Along the way, mention is made of the CU 2.0 podcast with Cathie Mahon, CEO of Inclusive, the trade group for CDFis.
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Find out more about CU2.0 and the digital transformation of credit unions here. It’s a journey every credit union needs to take. Pronto