Financial Plus Credit Union president/CEO Tim O’Donnell to retire June 3

O’Donnell served more than 4 decades with Financial Plus

Financial Plus President/CEO Tim O'Donnell addresses a crowd of employees and the public during the 2022 ribbon cutting ceremony for the new Ottawa headquarters.

Financial Plus Credit Union announced President/CEO Tim O’Donnell will retire Friday, June 3, after 43 years of service with Financial Plus. He has served the last nine years as president/CEO.

During his career, O’Donnell has been an integral part of credit union growth. From his start in 1980 at $11 million in assets and 9,000 members, Financial Plus now has 42,000 members and $480 million in assets. He spent a majority of his career as vice president of lending. O’Donnell would go on to take over in his role as president/CEO following the retirement of former President/CEO Jack Teausant. During this time, he has overseen the merger and acquisition that led to the Morris and Diamond locations, field of membership expansion to 10 counties, many new products and services as well as two new facilities including the new Ottawa headquarters.

O’Donnell has spent his career with Financial Plus working towards the leadership role he holds. In addition to his accomplishments within the credit union, he has played an invaluable role in the credit union industry with 11 years on the Illinois Credit Union League Board of Directors and two years as chairman of the board, concluding with his induction into the Illinois Credit Union Hall of Fame in 2022.

O’Donnell has been a respected leader of the credit union, a leader in the industry and a generous provider to the credit union communities, the credit union said in a news release. He will be succeeded by Executive Vice President Peter Fauth.