‘Uniquely prepared’: STCU’s Lindsey Myhre to assume roles of president, CEO

The new leader of STCU is no stranger to Spokane’s largest credit union.

STCU announced on Wednesday that its board unanimously voted to name Lindsey Myhre, a 25-year STCU employee, as president and CEO.

Myhre said in an interview that she feels prepared to address the ebbs and flows of the market, stressing that STCU has tenure, setting the institution apart.

“Since 2000, I have seen rates go up. I have seen rates go down. I have seen members experience increased losses. I have seen almost zero losses, which means all of our members are able to pay their loans and their loan payments. So, we’ve seen a variety of changes through economic cycles in the last 25 years,” she said. “We have a lot of experience navigating economic cycles.”

“Lindsey stands out as uniquely prepared for the top position,” said Steven Jones, chair of the credit union’s board, in a news release.

She served as interim CEO during the two-month search process following the swift exit of former president and CEO Ezra Eckhardt.

Since Myhre joined in 2000, STCU has grown immensely and now has 300,000 members, 1,050 employees and $6.3 billion in assets. It is about to open its 50th branch, said STCU spokesman Dan Hansen.

Even though STCU, once known as Spokane Teachers Credit Union, was founded by nine women and one man in 1934 at Lewis and Clark High School, Myhre is the first woman to lead the institution. (Among the founders, the man served as president.)

“From the day I started as an Accounting Assistant, I knew that STCU was committed to my development into leadership,” Myhre said in the release.

Prior to Eckhardt’s departure, Myhre served as STCU’s chief financial officer.

“It wasn’t as common to have female leaders in that role,” she said in the interview. Myhre recalls meetings in which she was the only woman in a room of 40. Now, as she transitions to a new role, she feels “internally supported” and has received many messages from other female CEOs.

While this announcement is significant, Myhre said her goal remains to provide stability for employees and members.

“We’re continuing forward with our strategic plan.”

Though continuity is a focus, she is committed to pursuing opportunities for expansion. In August, STCU announced the purchase of Oregon’s Community Bank.

“We are very happy with our current footprint, and we are also excited about future growth,” she said. “Growth enables us to give more back to our members.”

“I’m never content with just staying flat,” Myhre added.

One accomplishment she believes will propel her into this new role was establishing a work-life balance while finishing her Master of Business Administration with two small children.

More recently, she was named one of the 15 most powerful women in credit unions by American Banker.

As CEO, Myhre said she will rely on one of STCU’s five core values, belonging, instead of implementing new diversity metrics. The organization already is “overwhelmingly best of class,” she said.

“So, what’s exciting about that is it is in our DNA and that we do have employees, regardless of any metrics that we would set, who feel a sense of belonging,” she added.

Beyond the office, Myhre strives to show up “in all channels” of her life.

As president of the East Valley High School Booster Club and board chair of Partners Inland Northwest, she said she’s “not afraid to do heavy lifting or get my hands dirty.”

She emphasized that collaboration would serve as the foundation of her tenure. “I think that collaboration starts at my family dinner table.”

“I certainly serve with servant leadership, warmth and caring in mind,” she said.