The Company
Industry: Credit Union
Entity Type: Non-Profit
Operating Region: East Coast
Size: $2B
The PROBLEM
The company lacked senior-level finance leadership to address current needs in ALM, liquidity, budgeting, and financial modeling. They required an interim Vice President of Finance to oversee and directly manage key financial functions, including stress and sensitivity testing. The interim leader would develop and execute a plan to address findings from the NCUA exam as well as create and present budgets, financial modeling, and financial reporting to the board of directors.Â
The Solution
McDermott + Bull Interim Leaders deployed an accomplished senior finance leader with extensive industry experience in balance sheet and financial risk management, strategic and tactical planning, and enterprise risk management. This individual had a proven track record of transforming business processes and formulating strategies to capitalize on emerging opportunities, driving revenue growth and cost savings.
The RESULT
The interim Vice President of Finance effectively oversaw credit reserve calculations and CECL. They collaborated with the finance team on funding plans and pricing for deposits and worked with the asset liability committee to review outgoing materials. Additionally, the consultant adapted to the organization’s needs, fulfilling regulatory obligations and supporting the credit union’s financial health and compliance efforts.
Identified Improvements and Budget Revisions
Identified inadequacies and suggested improvements, in addition to redoing the 2024 budget and conducting day-one readjustments for accuracy and forward-thinking financial planning.
Budget and Performance Tracking
Completed a deep-dive reconciliation of actual Q1 interest income and expenses to budget projections.
Liquidity Forecasting and Reporting
Completed training on liquidity forecast views for the pricing committee, developed a prototype portfolio composition analysis methodology, and created a reporting presentation for ongoing use.
Julie Francis
Managing Director, McDermott + Bull Interim Leaders
jfrancis@mbexec.com
Julie Francis serves as a Managing Director for McDermott + Bull Interim Leaders, where she identifies and secures highly skilled executives to address client companies’ critical business challenges, provide interim leadership, and oversee special projects. She works with executive leadership at middle-market and enterprise-level companies as well as with investment banks and private equity groups to improve operational and financial performance.