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News Now

CU System
CEO of converted CU to retire
ROCHESTER, Minn. (12/17/07)--Paul Horgen, CEO of Think Mutual Bank, formerly Think CU, will retire in 2008--no later than the fourth quarter, he announced Wednesday. Succession plans are yet to be announced (Post-Bulletin Dec. 14). Horgen has been in charge of the Rochester-based Think for more than 20 years. In 2003, Horgen was the driving force behind the name change from IBM Mid-America Employees FCU to Think CU. Previously, he was CEO of Moose Lake CU in Minnesota. Think FCU's application to convert to a mutual savings bank was approved by the Office of Thrift Supervision (OTS), effective July 1 (News Now June 13). Members voted 51% to 49% in favor of the change, with 24,807 members out of more than 80,000 eligible voters casting ballots. The results were announced at a special meeting March 14 attended by about 200 people (Post-Bulletin March 14). Think CU was founded as IBM Mid-America CU, 46 years ago by employees of International Business Machines. It has nearly $1.3 billion in assets.


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