A Credit Union Legend Prepares His Exit
Here’s something you don’t see every day: a CEO who actually planned their succession well in advance and isn’t being dragged out kicking and screaming. Michael G. Valentine, the President and CEO of Baxter Credit Union (BCU), has announced he’s hanging up his executive hat after an impressive 42-year run. And honestly? The man has earned his retirement.
During his four-decade tenure, Valentine transformed BCU from a single-sponsor credit union serving Baxter Healthcare employees into a financial powerhouse that now serves 370,000 members and manages $6.4 billion in assets. That’s not just growth—that’s the kind of sustained success that makes other financial institutions wonder what they’re doing wrong.
From Healthcare to Healthcare (and Everything In Between)
Valentine didn’t just grow BCU—he completely reimagined what it could be. Under his leadership, the credit union evolved from serving one corporate sponsor to becoming the go-to financial wellness partner for some of America’s biggest names. We’re talking Target, Cardinal Health, UnitedHealth Group, GEICO, HCA Healthcare, and the American Dental Association, among many others. Not exactly small potatoes.
But here’s what makes Valentine’s story even better: he credits much of his success to Rex Johnson, BCU’s founding President and CEO, who gave him his start in credit unions. Valentine learned Johnson’s passion for lending and carried that forward throughout his entire career. It’s a reminder that even the most successful leaders stand on the shoulders of great mentors.
More Than Just Numbers
Valentine’s leadership style centered on what he calls a “people first culture”—and before you roll your eyes at what sounds like corporate speak, the results actually back it up. He championed strategic partnerships, made disciplined investments, and built an organization known for delivering exceptional experiences to both members and employees. His approach balanced the hard business metrics with genuine compassion, proving you don’t have to choose between profitability and humanity.
Beyond BCU’s walls, Valentine became a fixture in the broader credit union industry. His resume of service reads like a who’s who of financial services leadership: board and committee positions with TruStage, Velera, the VISA Senior Client Advisory Council, the CUNA CEO Council, and the NCUF FinHealth Advisory Board. Industry insiders describe him as a mentor and connector—someone whose influence extends far beyond his own organization.
The Awards Keep Coming
Valentine’s trophy case (metaphorically speaking) is pretty packed. In 2025 alone, he received the Herb Wegner Memorial Award—the highest honor in credit unions—along with the Flex Leader Award and the inaugural CU4Kids Valentine Heart of the Movement Award. He was inducted into the Credit Union House Hall of Leaders in 2024, named a Credit Union Times Luminary in 2023, and has been in the CUES Hall of Fame since 2017. He’s also a two-time CUES Executive of the Year winner (1998 and 2004) and received the Multiple Myeloma Research Foundation’s Spirit of Hope Award.
But perhaps what matters most to Valentine isn’t the hardware—it’s the people. In his announcement to employees, he got refreshingly real: “My family and I have been thinking about this for some time, and please know this has been a very mindful decision. I’ve thoroughly enjoyed pouring energy into our leadership team to prepare them for this exact moment. BCU is ready for this change. And now I’ll enjoy more time with my kids and grandkids, and most importantly the person who has been by my side throughout my career—my wife, Ellen.”
Enter Jim Block: The Next Chapter
In what should serve as a masterclass in succession planning, Valentine will be succeeded by Jim Block, currently BCU’s Executive Vice President and Chief Operating Officer. Block isn’t some external hire parachuting in to shake things up—he’s been with BCU since 1995 and has worked alongside Valentine for over 26 years. That’s the kind of continuity that makes boards of directors sleep better at night.
Block brings over 35 years of experience in credit unions, financial services, and technology. He’ll assume the President role on July 1, 2026, reporting directly to Valentine (who’ll remain as CEO) until Valentine’s full retirement in 2027. It’s a thoughtful transition that gives Block time to settle into the big chair while still having Valentine’s guidance readily available.
Block’s Track Record Speaks for Itself
So what has Block been up to for the past two and a half decades? Pretty much everything that keeps a modern credit union running smoothly. He’s led enterprise operations spanning product lines, technology, lending, and sales contact center teams across the United States and Puerto Rico. His specialty? Large-scale digital transformations, core system conversions, and merger integrations—the kind of complex, high-stakes projects that either make or break financial institutions.
The results under Block’s operational leadership tell the story: triple-digit loan growth, faster decisioning, reduced operational friction, and scalable omnichannel engagement. He’s passionate about developing talent, strengthening governance, and helping organizations become more data-driven and member-centric. Translation: he gets that technology should serve people, not the other way around.
Block chairs BCU’s Technology Strategy Committee and serves on the Charitable Giving Committee. He’s also active in the broader industry, including past chairman of America’s Credit Union’s Lending Council executive committee and current board member for CUSO boards Lumin Digital and CUServnet. He holds degrees from Northwestern University, including a master’s from the prestigious Kellogg Graduate School of Management.
When he’s not knee-deep in digital transformation strategies, Block enjoys spending time with his wife, Alla, and their two adult daughters, Lexi and Jordie.
The Awards Aren’t Just for the CEO
Under Block’s operational leadership, BCU has racked up some impressive recognition: Computerworld’s Best Places to Work in IT for five years (including 2026), Most Respected Credit Unions by Card Rates in 2024, and the first-ever Tethr CXcellence Award for Outstanding Member Experience in 2022. The credit union also took home America’s Credit Union Awards for Operations, Member Experience, and Technology Excellence in 2022.
What Block Says About the Future
“My passion for delivering on our purpose of Empowering People To Discover Financial Freedom knows no bounds,” Block said. “I look forward to supporting our employees, our members, and our Partners to bring even more value to our members and ensure BCU remains an extraordinary place to work.”
Mike Curran, Chair of BCU’s Board, expressed confidence in the transition: “Our Board is confident in the entire BCU team—particularly the executive leadership, which brings unmatched experience and a deep dedication to being there for our members’ milestones, delivering products, services, and caring support every step of the way.”
A Smooth Handoff
Valentine himself couldn’t be more supportive of his successor: “Jim and I have worked together for many years, collaborating on the Credit Union’s strategy, and under Jim’s experienced and heartfelt leadership, BCU will continue its legacy of positive member impact, innovation, and growth.”
Valentine also took time to thank the board chairs who supported him throughout his tenure: Margot Kaplan, Tom Hodson, Mike Curran, and the late Chuck Thurman. “Each of you has been an outstanding mentor and coach, offering guidance, encouragement, and steady faith in me and in BCU’s mission. Your leadership and trust have been instrumental to both my journey and the success of this organization.”
For Valentine, this isn’t just the end of a career—it’s been a calling. “I feel incredibly honored to have served BCU, our members, and the credit union movement for over four decades,” he said. “Our industry makes a positive impact in people’s lives every day. I’ve never thought of this work as a career, it’s been my calling, and I’m so proud to be a part of it.”
As Valentine prepares to spend more time with his grandkids and Ellen enjoys having him around the house more often (we’ll see how that goes), BCU is positioned to continue its trajectory under Block’s leadership. It’s a textbook example of how succession planning should work—thoughtful, deliberate, and focused on long-term success rather than short-term scrambling.
Here’s to Valentine’s well-earned retirement and Block’s exciting new chapter. Now if only every organization could make leadership transitions look this smooth.