A credit union pioneer in the pot banking space is moving on to a new venture.
Sundie Seefried is stepping down as CEO of Partner Colorado Credit Union in Arvada, Colo., to become the CEO of a new cannabis banking company owned by the credit union.
The $521 million-asset credit union is combining Safe Harbor Private Banking, its cannabis banking division, with its credit union service organization, Safe Harbor Private Banking, the company said in a Feb. 11 press release. The new entity, helmed by Seefried, will operate as Safe Harbor Financial.
The move will increase efficiencies, position the company for future growth opportunities and create a unified brand, according to the release.
“This transition will allow me to give my undivided attention to all matters concerning cannabis banking and the expansion of the program,” said Seefried, who has been CEO of Partner Colorado Credit Union for 20 years.
Seefried will step down as CEO of the credit union on July 1. The credit union has contracted with D. Hilton Associates to find a new leader.
“Safe Harbor Financial will be poised to respond to and manage the market and regulatory forces in this rapidly growing and evolving industry,” said Linda Head, chairwoman of Partner Colorado’s board.
Partner Colorado CU earned roughly $3.2 million in the first three quarters of 2020, compared with $5 million for the same period in the prior year, according to National Credit Union Administration call report data.
