Reed to step down as CEO of CUSO Home Lending, Business Lending Solutions

John Reed will remain as a Director at CUSO/BLS, but will step down at the end of the year as its President/CEO. He will continue as President/CEO of Maine Savings FCU.

Earlier this week, John Reed announced plans to down President/CEO of CUSO Home Lending and Business Lending Solutions, effective year-end 2018. However, he will remain as President/CEO of Maine Savings FCU, and remain a Director on CUSO’s Board.

Reed, one of the founding Directors of CUSO when it was formed in 1993, called the decision to “retire” from day-to-day management of CUSO and BLS “bittersweet. As we initially contemplated starting a mortgage company back in 1993, credit unions in Maine had hardly any market share. Today, credit unions stand at the top in market share in Maine, and CUSO is the primary reason for that growth. Since BLS was founded in 2005, it has steadily gained share and is flourishing today. With both organizations in such a strong position, the timing to step down was right.”

Todd Mason, President/CEO of the Maine Credit Union League, which is a part owner of CUSO, serves on the CUSO Board with Reed. “John’s accomplishments and contributions to CUSO and BLS have been significant. His leadership, both in Maine and as the long-time Chair of the American Credit Union Mortgage Association (ACUMA), have been invaluable in the growth and evolution of mortgage and business lending not only in Maine but for credit unions nationwide. This was evidenced when John was recognized in a special tribute by ACUMA President, Bob Dorsa, for his achievements and service to ACUMA in 2017. Though John’s day-to-day leadership will be missed, I am pleased that he will remain a Director and involved in the strategic direction of the company. The next President/CEO of CUSO/BLS inherits a vibrant organization that is a leader in the market and poised for continued success.”

“I take great pride in having worked with such a devoted and talented team at CUSO/BLS. Today, we stand as the best mortgage operation in the state, and the future is bright,” Reed added.

CUSO/BLS announced that it has engaged a professional recruiting firm to immediately begin conducting a nationwide search for a new President/CEO. “We hope to have the position filled sometime during the fourth quarter allowing some time for the new hire to work directly with me before assuming the role completely,” Reed explained.