JoAn Sanders, CEO of Cheney Federal Credit Union, will retire at the end of the year, ending a nearly 34-year career leading the organization and a 46-year career in the financial services industry. 

Sanders, 65, grew up in Spokane and attended Shadle Park High School. She first began her career in banking as a check filer in downtown Spokane with Seattle First National Bank, which was later acquired by Bank of America. Before transitioning to the credit union side of finance, Sanders spent 12 years in the banking industry, working for other organizations including Walla Walla-based Baker Boyer Bank and Pacific First Bank, which was later acquired by now-defunct Washington Mutual. 

In February of 1991, she began her tenure with Cheney Federal Credit Union, which was established in 1951 and is located at 520 First, in downtown Cheney. The credit union has named Andrew Crosby as the new CEO. 

The Journal recently met with Sanders to talk about her career, mentors, and what she plans to do in retirement. 

What led you to spend your entire career in financial services? 

I’ve always been good with numbers, so I always knew that I would be an accountant or something that had to do with numbers. It’s a good fit because the finance side of it always intrigued me and I’m good at that, and the member services and involvement in the community is my passion. This is where the two passions met. 

There’s a difference when you switch from working in a large bank to a small credit union, because we’re so intertwined in the community. We don’t have a large budget or our name on buildings, but we do a lot within the community, the school district, scholarships, and support sports teams and Eastern Washington University. It’s about little things that can make a big impact on people’s lives. 

Looking back at your career, what are some of your most memorable highlights? 

One highlight has been watching the credit union grow. When I started here, we had only nine employees and about $20 million in assets. Now we have 18 employees and have grown to $140 million in assets.

When Y2K happened, back in 1999, our regulators were so intent on us having a plan and doing different things to prepare. My second in command, our husbands, and I were here for the rollover at midnight to make sure the computers didn’t crash. We brought pizza in and sat here and signed onto the computers a minute after to make sure they would still come on. Those are fun memories, and all the preparations that went into it. It was a nonevent. We could sit back and laugh.

More recently with COVID, both of our offices and lobbies were closed. We did everything through the drive-thru unless they had an appointment and needed to come in and talk about loans or something. I’m glad about the way we handled it and came through it. Our members didn’t really lack service because of it. We did everything possible to make it a nonevent for people. Obviously, it wasn’t a nonevent but I’m proud of the way that my staff all came together, and everybody worked hard.

The best thing that any CEO or manager can do is put together a good group of people. If there is any one thing that has made us successful, it has been because we have always had a good team. 

Has it been difficult being a small credit union? 

There are some benefits and some other things that make it difficult.

Compliance is a huge thing, and being able to afford all the bells and whistles that members want is difficult. But we try to listen to our membership, because there are some things that are just a fad or a flash in the pan.

Vendors like to tell us about the things they think we need and to get on board. But we’re thinking that we’re a small credit union in a small town. We would probably have some members that would enjoy a certain service, but the majority probably doesn’t know what that is or care about it. We’re very careful about what we spend our money on so that the things we invest in are things that will benefit our members. 

What mentors did you have in your career? 

The credit union community is very close. We have a small group of credit union CEOs that get together once a month and talk about what’s going on and the challenges there are and just pick each other’s brains. That’s been very helpful. I’ve been doing this for a long time, and I know when to ask for help and who to call and to be open to others too. With the group of CEOs, I’m now the senior. I’ve been with this group since I became CEO back in 1994. 

What are your plans for retirement? 

My husband and I are hoping to do some traveling. We don’t fly a lot, so it’s going to be a lot of road trips. I’ve always wanted to see Mount Rushmore, so in the Spring, that will be our first trip. Then he will get to decide where he wants to go for our second trip. It’s mostly going to be road trips where we don’t have to be in a big hurry to get back.

This interview has been edited for length and clarity.