Who’s Who In Banking & Finance: G. Michael Padgett

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How did you get into the credit union field?

I had been working for a CPA firm and our largest client was Hughes Aircraft Federal Credit Union, now Kinecta Federal Credit Union. Bob Pacheco, then the chief executive, asked me to come over and start up an internal audit department and it was an offer I couldn’t refuse.

Did you ever want to get into traditional commercial banking?

I went from college to auditing credit unions, then on to working for them, so the opportunity never came up. After spending so many years enjoying the rewards that credit unions provide, I’m OK with having missed the opportunity to work for a traditional bank.


What’s the best aspect of being a credit union officer as opposed to a commercial banker?

Credit unions give their profits back to their members and they are engaged in helping other credit unions to succeed.


The worst?

We don’t have the horsepower that commercial banks do. It could take longer to get certain products or services to market. Additionally, banks are more likely to have a branch on every corner, can more easily devote resources as needed and may have research and development departments.


What has been the biggest change in the field during the past five years?

Regulations – without a doubt. As a result of changes within the economy and industry, we’re bombarded with addressing countless regulations that take time and resources away from our members.


What was the worst day in your career?

The worst day was when a credit union I worked for previously was overtaken by a group of robbers. They came in armed, yelling, slamming things and fanning out throughout the lobby. It was really frightening and not something you want to experience. Of course, now that I work for an organization that serves police, that’s not so much a worry. What robber would be dumb enough to enter a lobby full of police uniforms?

The best?

When I was promoted to CEO, I realized that I had reached the top rung of my career and it was quite a capstone.


How did you get through the downturn?

I committed to three things: I wouldn’t lay off any employees or take core benefits away from them, nor would I approve of anything that would negatively affect service to our members.


What’s the best advice you’ve ever received?

The best advice is from my mother. She told me many times: “Mike, if you want something, you need to work for it.” She taught me how to be a saver by example, to live below my means so I could save, and to appreciate everything I have.


Tell us something your colleagues don’t know about you.

I love Hawaii. I have a time-share there that I use for a month a year. Upon retirement in three years, I’m going to trade that time-share for a condo and split my time between my home and grandchildren here in L.A. and living the good life in paradise.

G. MICHAEL PADGETT, 67

Chief Executive

Los Angeles Police Federal Credit Union,

Van Nuys

YEARS IN POSITION: 6

RESIDENCE: Santa Clarita

FAMILY: Married to Sharon; has one daughter.

ACTIVITIES: Spending time with family, reading, travel.

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