How did you get into the credit union field?

I had just graduated from high school and needed a job. While visiting our local credit union, my mom told them I was available to work and next thing you know I became a teller. I went on to work in many other capacities and roles in the Canadian credit union system while getting my M.B.A.

Did you ever want to get into traditional commercial banking?

No, I never had interest in leaving the credit union industry once I got in.

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

The structure and philosophy of a credit union is the best part. My members are my first concern. Every decision I make ties back to what is in it for my member. It’s never solely about the bottom line. In credit unions, the member is the bottom line.

The worst?

Definitely the regulatory limitations we face today. The cap on lending to member businesses limits what I can do for our members and the communities in which we operate. We’re not looking to do the multimillion-dollar deals, but would rather figure out how to best serve true small businesses and sole proprietors, and set them up for success. As an industry, our hands are tied today.

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

Pressure on margins in this very low-rate environment has been a challenge, even with our not-for-profit focus. We still need to run a business in order to give back to our members. And last, but definitely not least, is the increased regulatory burden we’ve been forced to operate in. Much of the increased regulatory burden was put in place to keep the big banks in check, but it now applies to us as small institutions. This has resulted in increased work and cost for areas where we were already in compliance.

What was the worst day in your career?

It wasn’t so much the worst day as it was being a new CEO in the most difficult business cycle for a financial institution in recent memory. I was brought on board to set the credit union on a course of growth and expansion and had to measurably adjust our plan to deal with the effects of the financial downturn.

What was the best day?

The day I found out I would be the chief executive at Xceed.

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

Two things – one is to always ask why. And the second would be to take the responsibility of my associates’ careers very seriously.

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

I am really just a small-town girl at heart. I grew up in suburban British Columbia and never could have imagined I would have the opportunity to lead a nationwide American credit union in one of the world’s largest economies – that is, in Los Angeles.

TERESA FREEBORN, 57

Chief Executive

Xceed Financial Credit Union, El Segundo

Years in position: 6

Residence: Palos Verdes Estates

Family: Married to Doug; they have four adult children, two grandchildren.

Activities: Travel, golf.