Family. It’s a single word which sums up Tom DeWitt. From his 7 children and 20 grandchildren to his staff at State Farm FCU to the members of his credit union, Tom is known for his devotion to the people who comprise all aspects of his family.
Tom worked for State Farm FCU for 31 years, including 26 years as CEO. He began working with the State Farm credit unions as a consultant before joining former CEO Dave Toland on staff at the credit union based in Bloomington, Illinois.
State Farm had 12 credit unions to serve its employees. Over the years, as the company changed, the credit union evolved and the need for separate credit unions throughout the country diminished. The impetus for merging the credit unions was a regulatory change in 2006 which would have cost the credit unions a significant amount of money if they remained as separate entities.
Combining 12 credit unions into one is an unprecedented achievement. “We worked closely with Steve Olson from the League,” said Tom. “I’m grateful to him for his hard work and dedicated effort on this enormous project.”
“A merger combining the platforms of such a large number of credit unions had not previously been implemented. In this particular case, it made a great deal of regulatory and operational sense, since each separate credit union was serving an occupational common bond of State Farm employees,” said Steve Olson, former Chief Operating Officer and General Counsel for the Illinois Credit Union League.
Once the agreements were in place, the next step was the data processing conversion. “Thankfully, all the credit unions used the same core processor,” said Tom. “Just like any DP conversion, glitches happened, but none were major.”
“The merger of our individual credit unions into one federal financial institution during 2006 may be Tom’s greatest career achievement,” said Steve Gorrie, CFO and incoming CEO of State Farm FCU.
State Farm FCU is one of the few remaining single-sponsor credit unions. The credit union is a benefit for company employees, agents and retirees. In many ways, the credit union is “plain vanilla” in its offerings with regular shares and consumer loans. They do not have mortgages, credit cards or cash.
“Given our limited products, staying relevant for our members and our sponsor is essential,” said Tom. “We successfully rolled out our first mobile app during the pandemic.”
According to Gorrie, Tom will be remembered for many things, one of which is his genuine care for our employees. They are always in the forefront of his mind when he asks “How will this change or that decision impact our family?”
“Tom considers our staff an extension of his family, and his concern and advocacy for them is one example of the legacy he leaves behind,” said Gorrie.
The credit union is fortunate to have long tenured employees. “I wanted to create a family atmosphere within the credit union,” said Tom. “People who thought they’d stay for a year are still on staff because they liked the working environment so much.”
“Tom is a brilliant leader, active listener, and a tremendous mentor,” said Gorrie. “Countless leaders have remarked to me how Tom has helped and encouraged them to take a risk, step out, and lead in unchartered waters. And how in those teachable moments, it has shaped their perspective, accomplishments, and stuck with them throughout their careers. Me included!”
Creating a new schedule and breaking the habit of old routines are the first items on Tom’s retirement agenda. He plans to spend more time with his family since most live nearby, and is “looking forward to more opportunities to babysit.” He would also like to travel with his wife, Janis.
“I will not miss getting up at the crack of dawn and driving into the office in all kinds of weather,” he said.
