When Margie Salazar became CEO of FirstLight Federal Credit Union ($1.5B, El Paso, TX) earlier this year, she succeeded long-time CEO Karl Murphy, who retired after 38 years of service to the cooperative. But Margie is no stranger to FirstLight FCU. She began her career there in 1997 as a part-time teller while attending the University of Texas at El Paso (UTEP).
Salazar fell in love with the “people helping people” philosophy of credit unions and FirstLight’s commitment to improving members’ lives. During the past 25 years, she’s overseen every area of the cooperative, steadily rising in the ranks. She’s held the role of teller, member service representative, assistant branch manager, vice president, executive vice president, chief retail officer, chief financial officer, and, now, CEO.
Here, the UTEP alum shares her thoughts on the industry, the importance of setting goals, and advice for other aspiring executives.
On becoming CEO and the accomplishments of FirstLight FCU …
It’s been a long journey to get here. At first, I thought FirstLight would be a good job while I was in college; I really didn’t know much about credit unions. After graduating with a degree in marketing and management, I decided to stick around. That’s when I fell in love with our mission and philosophy. I learned a lot and held many different positions, overseeing marketing, lending, operations, and finance before becoming CEO.
I’m proud of how we’ve handled big changes — especially the ups and downs in recent years. The way we navigated and adapted during the pandemic was a big accomplishment. Not only did we introduce new services like video banking and mobile banking — which we didn’t have in place beforehand — but we also were flexible and continued operations in a way that made employees feel we were taking care of them as they served members.
We also became a community charter to serve the entire El Paso, Las Cruces, and Fort Bliss communities. Focusing on serving the underserved and finding ways to elevate financial wellness in low-income communities is something that makes me proud. We’re still on that journey, but offering down payment assistance, financial education, and scholarships as well as starting a foundation are all steps in the right direction.
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On leadership styles …
I’d describe myself as a bit of a servant leader. I feel passionate about improving employees’ and members’ lives. Our mission is to “Improve Lives, Achieve Dreams,” and I believe strongly in living that each day. I try to empower our team so they can do that for our members in addition to finding success internally in their career so they can achieve their own dreams.
Listening — to staff and to members — is important for a leader. I don’t have all the answers all the time, but we have a lot of bright people here who are working one-on-one with our members every day. They know what members need and can identify their paint points.
CU QUICK FACTS
FIRSTLIGHT FCU
DATA AS OF 03.31.23
HQ: El Paso, TX
ASSETS: 1.5B
MEMBERS: 109,019
BRANCHES: 10
EMPLOYEES: 334
NET WORTH: 9.8%
ROA: 1.28%
Something that stuck with me from Jim Collin’s book Good to Great is that when things are going well, it’s important to give all the recognition and credit to the team. When something doesn’t go well, you need to look internally and contemplate what you could have done differently as a leader. Were there different actions that could have led to a different outcome?
On being a local role model and setting small goals …
After I became CEO, I was invited back to my local high school and middle school to speak with several hundred students. They asked me to tell my story so the students could see that someone who came from the same background and environment really could be successful despite challenging circumstances.
The school I attended was in an economically distressed area. It was a tough school prone to gang activity. When I talked to the students, I shared the challenges as well as the positives, like the teachers and counselors, joining organizations, studying, and getting a scholarship to UTEP.
My personal goal was to be the first in my family to graduate from college. Once I did that, my goal was to become a manager at the credit union and learn everything I could. As a manager, I set my next goal of becoming a vice president. I constantly set new goals for myself in steps, so it wasn’t an overwhelming or daunting goal. I didn’t envision becoming a CEO while I was a teller, but as I set small goals along the way and my career progressed, it became more and more attainable.
My message to the students was to continue to set goals, learn everything they can, and be willing to put in the work. It’s not always easy, but it’s worth it.
On what the industry could use more, or less, of …
Credit unions are collaborative by nature. That’s one of our biggest strengths. As we compete with the big banks that have more resources to invest in things like the latest technology, I’d like to see the industry work together more closely and pool its resources.
It’s easy to view other credit unions serving the same market as competitors, but it’s important to continue sharing and collaborating for the greater good.
On advice for aspiring CEOs …
Get out of your comfort zone and learn as much as you can. As I moved up, I didn’t always feel fully ready or fully qualified for certain positions, but I was always ready to learn. Thankfully, I had a lot of people who encouraged and mentored me while I built my skills.
Be willing to jump in when the opportunity arises, keep a positive mindset, and believe it’s going to work out in the end. Even if it doesn’t, at least you tried. It’s much better than wondering what could have been or regretting not trying. Just go for it. Either way, it will be a learning experience.
This interview has been edited and condensed.
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