Black Hills FCU names longtime exec as next CEO

Black Hills Federal Credit Union in Rapid City, S.D., is set to have a new leader.

The $1.6 billion-asset credit union said in a press release on Wednesday that Chief Operations Officer Jerry Schmidt has been named as the new president and CEO, effective Jan. 4. Schmidt replaces Roger Heacock, who announced in February that he would be stepping down.

Early last year, the board hired a consulting firm to complete a national search for Heacock's replacement. Jason Green, chairman of Black Hills, said that Schmidt’s leadership philosophy, experience and commitment to the credit union’s mission were crucial factors in his selection.

Schmidt has worked at Black Hills for more than 13 years as senior vice president and COO.

“I am honored to further Black Hills Federal Credit Union’s mission of Improving lives,” Schmidt said in the press release. “I look forward to continuing to work alongside our leadership team, our visionary board of directors, and BHFCU’s amazing staff to provide the excellent service our members expect and deserve.”

Schmidt will continue to work closely with Heacock through the end of 2020 to ensure a smooth transition, the credit union said.

Black Hills earned $7.6 million last year, down about 10% from the same period a year earlier, according to call report data from the National Credit Union Administration.