Tampa credit union names new CEO as longtime leader departs

USF Credit Union has promoted Richard Sellwood to president and CEO, placing its COO at the helm of a financial institution serving more than 80,000 members.

The credit union's board unanimously appointed Sellwood effective Oct. 19, according to a statement. He succeeds Rick Skaggs, who is leaving after 16 years with the organization. The announcement did not disclose the reason for Skaggs’ departure.

Sellwood previously served as senior vice president, in addition to COO. In his new role, he will oversee strategy, operations, member experience and continued growth.

“Richard understands our culture, our values and the importance of putting our members first,” board Chair Rick Will says in the release. “We believe his experience, vision, and commitment to our organization position him well to lead the Credit Union into the future.”

Founded in Tampa in 1959 to serve the University of South Florida community, the member-owned financial cooperative began with 16 members and $505 kept in a cigar box. It now manages more than $1.4 billion in assets, according to a June account of its history published by the credit union.

Its growth has also extended beyond the university. A 2015 merger with Darden Employees Federal Credit Union expanded its reach to restaurant workers nationwide, and the institution opened a Winter Park branch this year.

The credit union also began lending through Upstart in March, using the company’s AI-lending platform to expand its personal loan program. Sellwood, then chief operating officer, said in the partnership announcement that the technology would help broaden access to credit.

Sellwood says strengthening ties with USF and community partners will be among his priorities as the credit union’s new CEO.

“USF Credit Union has an incredible team of talented and dedicated employees who truly care about our members,” Sellwood says in the statement. “I look forward to building on our strong foundation, strengthening our relationships with the University of South Florida and our community partners, and continuing to create an exceptional experience for our members.”