PORTLAND, OR, July 19, 2022 – CU Business Group, the largest commercial services CUSO in the industry, today announces the retirement of President/CEO Larry Middleman. Middleman founded CUBG in 2002 and has served as the CEO for 20 years. He will be retiring at the end of September 2022.
“Larry Middleman has been a leader in credit union commercial services and has been a key player in CUBG’s growth as well as the growth and advancement of the industry overall,” stated David Brehmer, CUBG’s Board Chair, and CEO of Vizo Financial Corporate Credit Union. “Larry’s insight and leadership has been instrumental in CUBG growing from serving its first credit union in 2002 to more than 650 credit unions today. The CUBG Board wishes Larry all the best in his future endeavors.”
CUBG’s Board of Directors have chosen Justin Conrey to succeed Middleman as President/CEO. Conrey has served as SVP-Credit Administration of CUBG for the last five years and is currently Executive Vice President. Prior to joining CUBG, Conrey led commercial programs at both credit unions and community banks. He also has prior CUSO experience to accompany more than 15 years of experience in commercial lending and providing services to businesses.
Brehmer noted, “Justin brings a unique combination of industry knowledge, strategic insight and a complete understanding of CUBG’s role in helping credit unions be more successful in commercial services. It won’t be easy to fill Larry’s shoes, but the Board is excited about the prospects for CUBG under Conrey’s leadership.”
Conrey takes over a mature CUSO in CUBG, which is owned by six corporate credit unions, employs 75 staff and services more than $2.5 billion in commercial loans. In a typical month CUBG processes more than 500 commercial credit transactions including underwriting, loan documents, annual reviews and appraisal reviews. The CUSO recently expanded into SBA lending through its acquisition of another CUSO that specialized in SBA services. CUBG also hosts many education events, including webinars, regional education and two national conferences.
CUBG’s Board has also promoted Rachel Snyder to Executive Vice President and Chief Operating Officer. Snyder has been with CUBG since its inception in 2002 and will lead CUBG alongside Conrey. “Rachel has been a big key to CUBG’s success over the years,” expressed Middleman, “it has been a pleasure working side-by-side with her to build CUBG from the ground up.” Conrey added, “I am excited to continue working closely with Rachel to lead CUBG as she truly embodies the unique culture and spirit of this organization.”
Middleman founded CUBG in August 2002 and the CUSO is now celebrating 20 years of helping credit unions with commercial lending, deposits and education. Middleman also served on the Board of the National Credit Union Foundation for six years, rising to the position of Board Treasurer and Chair of the Finance/Investment Committee. He has led training sessions for regulators, written many articles on commercial services, and is a frequent speaker at credit union events. Prior to joining the credit union industry, Middleman had an accomplished banking career and earned his CPA certification.
Middleman concluded by saying, “The highlight of my lengthy financial services career has been working with credit unions across the country over the last 20 years. It is so rewarding to see how credit unions have grown and prospered in commercial services. To me it is a natural fit for credit unions to serve both individuals and businesses with the same level of member focus and quality service credit unions are known for. It is truly a compliment to know that the next leaders of CUBG are coming from within the organization, which speaks to the quality of the CUBG team. I know CUBG and the credit unions it serves are in great hands.”
“It is an honor and privilege to be granted the opportunity to take over as CEO of this industry-leading CUSO,” said Conrey. “Promoting from within speaks volumes about the great work of CUBG leadership and staff, and the tremendous culture Larry has developed over the past 20 years. I am extremely grateful for the amazing organization Larry has built and am excited for the future as we continue his legacy and remain an industry leader in commercial services for the next 20 years and beyond.”