Velocity Credit Union appoints Debbie Mitchell New President; Strong remains as CEO

A few strategic moves at the top have Velocity Credit Union well-poised for the future. In November, the Velocity Board of Directors voted unanimously to approve CEO Larry Strong’s recommendation to name Debbie Mitchell as its new president. Mitchell is the third paid president and the first female to hold the job at the 60-year-old Austin institution. Larry Strong, CEO, who held the title of CEO/President, will remain as CEO, primarily working with the board of directors and outside agencies. Strong was also recently nominated to the board of directors, and plans to take on that role in 2008. Jack Jordan, formerly senior vice president, was appointed Chief Operating Officer. This succession shift has long been Strong’s plan and recent health issues prompted Strong to put the plan into play. He underwent open heart surgery earlier this year. “Rest assured that I am alive and well, and ornery as ever!” said Strong. “I am looking forward to many more years of service in the credit union movement.” “Mitchell is the right person to lead Velocity in today’s environment. She’s a risk-taker and has managed and directed the operation of this credit union for the past four years,” Strong continued. She has been with Velocity for 23 years and has proven herself to be a strong leader with excellent decision-making skills.” Mitchell, 43, most recently served as Chief Operating Officer, and led the credit union through a re-naming/rebranding campaign, culture change and major branch expansion in recent years. Velocity, founded in 1947, was once known as Austin Metropolitan Financial Credit Union and primarily served city employees. Velocity, which now serves the Austin metropolitan five-county area, has $425 million in assets, 185 employees and more than 84,000 members. Mitchell takes on her new position in the highly competitive Austin market where a new bank branch pops up almost weekly. “One way to stay ahead is by keeping up with the latest technological trends while still providing the friendly, personal service that our members have come to expect from us,” Mitchell said. “We plan to implement online account opening in early 2008 – which means that, if they choose, members will never have to set foot in a branch. “There’s an entire generation out there who doesn’t see the need to walk into our offices,” said Mitchell. “They want to do their banking online or on their smart phone. The challenge is to provide that type of innovation, while still serving other people who prefer personal interaction with a friendly credit union employee.”