Joe Cugini, Westerly Community CU

Joe Cugini is the retired CEO of Westerly (R.I.) Community Credit Union. During his 41-year career, he also served as Rhode Island Credit Union League and Credit Union National Association chairman, World Council of Credit Unions (WOCCU) president, and CUNA Mutual Group vice chairman.

Favorite CU-related memory: Meeting President Reagan in the Oval Office to talk about deregulation in the financial services industry. It was in October 1983--hours after the killing of 241 U.S. Marines in Beirut. I shook his strong hand and said, “Mr. President, you must feel as though you have the weight of the world on your shoulders.” He smiled that Reagan smile and I knew we were all in good hands.

When I got up the next morning I learned we had invaded Grenada. President Reagan had kept to his routine as though nothing was happening. You never know what’s on the minds of these leaders. Sometimes we’re quick to criticize, but they’re making worldwide decisions affecting all of us.

This was an eventful time. I went to Reagan’s inaugurations in 1981 and 1985. I’ve met him half a dozen times. I’ve also met President Carter, Walter Mondale, and former President Bush.

People who inspired me: Harold Edmund, founder of Westerly (R.I.) Community Credit Union, was my mentor. He taught me about the credit union movement. Harold knew Roy Bergengren and his wife, Gladys, and visited with them in their Vermont home on many occasions. He learned directly from the people who created the credit union movement, and he believed in their vision for the future of the movement.

Alhaji Ringham from Nigeria, whom I served with at WOCCU. His beliefs about the credit union movement inspired me.

Robert Bianchini, former president of the Rhode Island Credit Union League and current Oklahoma Credit Union League president. Bob’s intuition and strong leadership qualities have helped me and so many others achieve goals that we thought at one time may have been unattainable. Bob convinced me that I had something to offer on both the state and national levels. And when it came time to head up WOCCU, Bob was right there helping me meet difficult challenges.

Al Charbonneau, former WOCCU CEO, and Tony Schumacher, former WOCCU executive director, made traveling around the world three times with them a rewarding experience.

Jim Williams, former CUNA president, and Robert Curry, former CUNA Mutual Group CEO, weren’t afraid to share their vision.

Favorite role in the CU movement: Being chairman of CUNA was a thrill. It allowed me to be there at the planting of the seeds, rather than the selection of the flowers. I was able to guide the credit union movement with the help of others to achieve goals set by not only us but also the founding credit union fathers. Being elected by your peers is always an honor. I was honored to represent those people.

What attracted me to the CU movement: I didn’t know a credit union from a bar of soap. I was working in a time-study department after graduating from college and the personnel manager was on the Westerly (R.I.) Community Credit Union Board. He said I should apply for the manager opening. That was in 1959. About 20 people applied but I got the job. That’s what started a honeymoon with the credit union movement that lasted for 41 years.

The credit union movement is made up of people who care about people. Making members’ dreams come true was a perfect fit for me and for my family. The credit union movement is a family, and it’s still my family today.

Proudest accomplishment: Receiving the World Council’s highest honor, the Distinguished Service Award, which is awarded to seven people every three years. It made me realize I've made a difference. Standing on that stage in Australia with representatives from the Peace Corps and the U.S. Agency for International Development was a thrill. Representing the credit union movement was an honor I’ll never forget.

Advice to today’s leaders: Be a trailblazer. In today’s fast-moving society, it’s easy to be caught up in the “sales-first” culture. Credit unions aren’t banks. We’re there to serve members’ needs first. Be competitive but always remember your members.

What I’m doing today: After I retired in 2000, I was asked to serve as chairman of a town study committee looking into the expansion of our local school structure. Following a two-year study, we developed a master plan that involved building a new $27 million middle school and a high-school campus plan. I was given the task of convincing town voters to pass a $40 million bond referendum in 2003. I’m pleased to report that in tough economic times, the bond passed.

I’m also donning my talk show hat at WBLQ for a regular Thursday morning talk show with my friend and former employee, Jannette Misuraca.

Best part about retirement: Doing what I want when I want. I enjoy weekly, sometimes daily, visits with my children and two grandchildren. My wife, Betty, still supports me in any crazy venture I get into. And I’m lucky still to have high-school friends with whom I golf regularly.

I’ve had two holes-in-one when playing golf. The first was in 1962 when I was playing with three high-school friends. Forty years later, two of those three people were in my foursome when I got my second hole-in-one. I thought that was phenomenal.

How the CU movement has changed: When I joined the credit union movement in 1959, there was a group called the Cadillac of Credit Unions. Members had to have $1 million or more in assets. My credit union started in 1948, and it took 11 years to reach $1 million in assets. Today, there are more than 80 credit unions with $1 billion-plus in assets. Isn’t that something? Technology has fostered this.

I remember in the 1980s we were paying 15% on share certificates and the prime rate in Rhode Island was almost 20%.