Credit unions in the blood: One CEO’s generational vision
For Elaine Thompson, credit unions are more than a career, they are family. Raised by parents who both worked at credit unions, Elaine has never held a bank account. After interning at a credit union during college, launching her career in accounting, taking a brief hiatus from the industry (which she admits disdaining) and ultimately landing at Seaport Federal Credit Union, she hasn’t looked back.
Today, she leads that same credit union—in Elizabeth, NJ—as CEO. With more than 20 years of experience, a deep sense of loyalty to her team and members, and a full-steam-ahead leadership style, Elaine has helped usher in a new chapter for Seaport. But like many small credit union CEOs, the path to the top wasn’t part of her original plan.
“The board and my predecessor were prepping me for years—because I was in denial for a long time—because I didn’t really want it,” Elaine laughs. “I knew that when I became CEO, I would be going full force, because I don’t do anything halfway.”
The value of wearing many hats
Elaine officially stepped into the CEO role two and a half years ago, after serving as Seaport’s CFO. But in a small shop, that role came with more than spreadsheets.
“The good thing about being a CFO of a small credit union is you’re not just the CFO,” she said. “Sometimes I’m sweeping the floor if necessary.” From teller to technology troubleshooter, she’s filled gaps wherever needed, even now.
“If I need a teller, I really can go out and teller. If I need to get in and pull apart a recycler, I’m on the floor figuring it out.” That hands-on experience gave her an edge during the transition to CEO. But even with years of exposure to every department, nothing could fully prepare her for the unpredictability of the top job.
“The first six to nine months were really rough for me,” she admitted. “CEO is like, ‘What’s going to happen today?’ It’s always something different.”
Still, she found her rhythm, and hasn’t slowed down since.
“I’m just excited, motivated, and I feel like there’s not enough hours in the day.”
Building a culture that builds people
Elaine’s first priority as CEO: people. Specifically, sustaining the culture her predecessor, Lisa, had spent nearly four decades nurturing and ensuring it would evolve to support a new generation of leaders.
“My predecessor built this amazing, family-oriented culture. That was actually my biggest fear—not being able to continue and build off of that.”
Rather than simply preserve the culture, Elaine set out to expand it while making room for new energy, new voices, and new growth. She focused on listening, rebuilding trust, and creating opportunities for employees from all walks of life to contribute and grow.
It started with structure. Elaine reorganized teams, promoted from within, and—anticipating future growth—started hiring.
“It always felt like we were short-staffed,” Elaine explained. “We don’t just want bodies. I want them to fit our culture and fit our membership.”
But the real culture shift happened in how she empowered her team.
“My biggest thing was really figuring out how to utilize all the resources that I had, get help, and not try and do everything myself.”
To do that? She needed to lean on her team. Over the past year, she’s promoted emerging leaders and encouraged each to take ownership of their path.
“I tell them, ‘You tell me which direction you want to go, and I’m going to help you get there.’”
She sends staff to conferences, gets them involved in her local association, and opens doors whenever she can. Even her former assistant moved up.
“I need a new assistant because my assistant was so great. I had to let him move up.”
This is more than morale, it’s about momentum for the credit union. Beyond having a dedicated, engaged team, Elaine’s commitment to culture is showing up in the credit union’s bottom line: Seaport recently crossed the $100M asset mark, expanded to 5,500 members, and is preparing to open a branch in Florida.
A big vision for a small credit union
Despite its size, Seaport is pushing into complex—and often avoided—territory: MSB (money services business) accounts, specifically remittance-focused.
“A lot of banks and credit unions don’t even want to touch [MSBs] because of the compliance.”
But Seaport leaned in. And the results speak for themselves. “We do not have enough time or personnel to take in everybody.” Elaine sees this as a major opportunity, not just for Seaport, but for other credit unions, too. “We don’t want it all for ourselves. There’s plenty to go around and it’s a great service if you do it right. But it’s very important that you do it right or you could get yourself in a lot of trouble.”
Meanwhile, she’s been implementing online account opening, loan applications, and infrastructure to support remote services while still preserving the human interaction members value.
The impact of CUWLA
After a chance introduction at GAC, Elaine joined CUWLA just six months into her CEO tenure. Since then, she’s barely missed a call, session, or workshop.
“I get so much out of it… sometimes it’s just knowing that people are in the same situation you are.”
Since joining, she’s participated in a CUWLA–Filene collaboration that created CU Career Compass—a prototype app that helps emerging leaders map their paths in the credit union system.
“It fit right in with what I was doing. It was a great experience… while it was working on something on the side, it was also helping the credit union.”
It also pushed her to think further ahead. The project inspired Elaine to think more long-term about leadership development at Seaport.
“They were prepping me for so many years, that’s what made the transition easier, so I have three or four younger emerging leaders that I am trying to build them all so that maybe all of them could be a possible candidate.”
Her message to prospective members?
“Do not hesitate. First of all, the dues, compared to most, they’re pretty reasonable. And you know what, if you really can’t afford it and you let someone know, we will find a way.”
But beyond the affordability, Elaine emphasizes the impact.
CUWLA isn’t just another leadership network—for her, it’s been a sounding board, a safety net, and a space where no question is too small and no voice is too new. If you’re a woman CEO at a credit union under $500M in assets and you’re looking for connection and support, Elaine has just one thing to say: “Join. Show up. Get involved. You won’t regret it.”
