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Forum Credit Union names new chief executive

IBJ Staff
December 1, 2011
Keywords
Banking & Finance, Credit Unions, Executives, Forum Credit Union
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Forum Credit Union veteran Doug True has been promoted to CEO, the Fishers-based financial institution announced Thursday morning.

True replaces interim CEO Michael Peterson, who took the helm after Gary Irvin left late last year. Forum officials called the departure a planned retirement, but Irvin left without a successor in place. Peterson will remain with Forum as chief risk officer.

Forum lost $2.8 million in 2010, marking the second time since 2007 that the state’s fourth-largest credit union lost money.

True has held numerous positions in his more than 20 years at Forum. Most recently, he served as chief lending and technology officer. He also helped found subsidiary Forum Solutions, where he served as president.

“Doug True is eminently qualified to take the CEO reigns of Forum Credit Union,” John Dierdorf, chairman of Forum’s board of directors, said in a prepared statement. “He excelled at all stages of the selection process and was the consensus choice from a group of highly qualified candidates.”

Forum has 12 branches in the Indianapolis area, 100,000 members and about 300 employees.The credit union has about $975 million in assets.

 


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  • Unfortunate
    Concerned MemberDecember 1, 2011 1:52 PM
    It is unfortunate to the members of FORUM CU that, after what I understand to be a yearlong national search for a new CEO, they could not find a more qualified/experienced candidate and settled on replacing the position in house. The replacement CEO and others still in executive management positions played a significant role in the decisions that resulted in the poor financial performance of the credit union the last several years which in most other businesses would result in major changes in top management. After this decision I would think that FORUM members would be questioning the decision making capacity of the Board and hope that members are not going to be impacted with more of the same results they have endured the last several years. I am surprised that the regulators would not have been pressuring the Board to bring in new blood with broader experience. Best of luck to all at FORUM but members shoud not be counting their special dividends anty time soon.....
    Reply to CommentFlag Comment
  • Forum is awful
    JayDecember 1, 2011 1:36 PM
    I recently moved north of Broad Ripple.
    Stopped into the Broad Ripple Forum branch to have some change made to tip the movers. Once the tellers quit having personal conversations with each other and finally acknowledged they had a customer, they said they wouldn't make change for anyone who didn't have an account with them. UNBELIEVABLE! I hate them.
    Reply to CommentFlag Comment
  • Forum Fees
    PattyDecember 1, 2011 1:15 PM
    I faxed over a request to close my account due to all the fees they were charging me. My statement showed $195 worth of "$5.00 miscellaneous drafts" in 1 month. I would not recommend Forum to anyone.
    Reply to CommentFlag Comment

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