With a lengthy tenure in the banking industry, Jed Meyer was appointed President and CEO of St. Cloud Financial Credit Union in 2014. Under Meyer, the 94-year-old credit union experienced phenomenal growth, surpassing 325% during his tenure. What sets Meyer apart is his innovative approach to growth, focusing on mission-driven strategies that prioritize human connection and emotional engagement. This unique emphasis on culture and community involvement sets SCFCU apart from others. Meyer’s career trajectory, combined with dedication to community and youth, has established him as an inspiring and influential CEO in the industry and a respected leader within his community.
Recently, in an exclusive interview with CXO Outlook Magazine, Jed shared his professional trajectory, insights on the mission and vision of St. Cloud Financial Credit Union, the best piece of advice he has ever received, his favorite quote, future plans, words of wisdom, and much more. The following excerpts are taken from the interview.
Hi Jed. Please tell us about your background and areas of interest.
My roots are firmly planted in a blue-collar upbringing, with a family deeply committed to giving back to the community. My grandparents served as foster parents in Hennepin County for over 50 years, adopting three uncles in the process. My parents also embraced this spirit by adopting a brother and sister in an open relationship, while I remained their biological child. Growing up in such a family, I learned the importance of contributing to others’ success, a value that has shaped my personal and professional journey. While I was initially driven by titles, status, and financial success, I realized that true fulfillment comes from making a meaningful impact. This led me to take a significant pay cut to pursue a role that allowed me to align my work with my values, including my volunteer efforts with city councils, children’s clinics, and foundations. These experiences have given me a platform to do what I’ve always wanted: make a difference in the world while achieving success in a more fulfilling way.
What was the inspiration behind establishing St. Cloud Financial Credit Union? What is its mission and vision?
St. Cloud Financial Credit Union was initially founded by postal employees, though I’m not entirely sure about the exact inspiration behind its establishment. However, our mission and vision are clear. We are committed to making a difference for our members by fostering a member-focused culture, creating an enthusiastic environment for our employees, and taking purposeful action within our community. Our vision is to create meaningful connections that allow our members to thrive, ensuring that our credit union remains a vital part of their financial well-being.
What are the three major trends do you foresee in your industry in the next 12 months?
In the next 12 months, I anticipate three significant trends in our industry. First, we will see heavy consolidation driven by the rapid pace of change, the increasing costs associated with those changes, and the growing pressures around cybersecurity. Additionally, the fight for talent and human capital will emphasize the need for economies of scale that ensure long-term success, regardless of our current standing. Second, the nature of money and its movement is undergoing a transformation, with new technological advancements and financial infrastructures revolutionizing how we interact with our communities and members. Our role in financial responsibility will evolve, and we must decide whether to lead the narrative or simply react to it. Lastly, the turnover of executive leadership and board members over the past decade presents both a threat and an opportunity. While we risk losing invaluable experience, new leadership can redefine the balance between collaboration and competition, ensuring that our industry remains strong through strategic partnerships. It’s essential to remember that while competition is necessary, collaboration should never be sacrificed, as it is one of the key strengths that has made our industry successful.
In your academic or work career, were there any mentors who have helped you grow along the way? What’s the best piece of advice you have ever received?
Throughout my career, I have been fortunate to have several mentors who have significantly influenced my growth. My grandfather was one of the earliest to shape my perspective, teaching me that while I may not be able to control the world around me, what I earn through hard work is mine to keep. This advice has been a guiding principle in my life, emphasizing the importance of accountability and tenacity. Another piece of advice that has stayed with me is the idea that you can learn something from every person you interact with, even those you don’t enjoy working with. In fact, some of my most valuable lessons have come from challenging relationships. Additionally, I have been influenced by coaches and strong leaders from diverse backgrounds who have enriched my understanding of strategy, community engagement, and business acumen.
What is it that motivates and inspires you in your everyday life?
My motivation comes from a deep-seated desire to do good in the world. I find that when we simplify complex issues and apply common sense, we often discover that many people share the same goals. My work is not driven by the pursuit of maximum stock value or personal ego, but by a commitment to strengthening our organization and, by extension, our members. Authenticity is crucial to me—it’s about showing genuine care for others, rather than offering empty platitudes. I believe that by uncommoditizing the financial industry and fostering trust, we can make a significant impact on people’s lives. I’m also deeply humbled and grateful for the platform I’ve been given to lead. My inspiration comes from the opportunity to make a difference without expecting anything in return, which often leads to extraordinary results.
What are you particularly proud of in your career?
One of the things I am most proud of is my role in the development of others. I have had the privilege of mentoring EVPs who have gone on to become CEOs, and being part of their success has been incredibly rewarding. My career has taken me on a fascinating journey, where I have seen relationships evolve—from reporting to someone, to becoming peers, to even working together in business. A pivotal moment in my leadership journey came during a conversation with a colleague named Sarah. She observed that I was more driven and direct at work while being passive at home. She challenged me to be the same person in both settings and that advice has been transformative. It helped me realize that my strengths as a leader and as a human can—and should—be consistent across all areas of my life. This insight has shaped my approach to leadership, both at home and in my professional career.
Where do you see yourself in the next 5 years?
In the next five years, I see myself continuing to lead within the financial services industry in a role that not only ensures the survival of the industry but also helps it thrive. I am passionate about the member-owned cooperative structure, where people can be vulnerable about their finances and work towards living the lives, they desire. While I don’t have a specific role in mind, I am committed to being in a position that allows me to advocate for and advance the credit union movement, ensuring that it remains a vital part of our communities.
What’s a productivity tip you swear by?
A productivity tip I swear by is to avoid solving problems too quickly. When we rush to a solution, we often rely on our immediate skill set, which can lead to a narrow focus on barriers and challenges. Instead, I advocate for holding the tension and staying with the “blue sky” possibilities before working backward to manage risks and probabilities. This approach allows us to explore solutions that may not align with our usual methods, leveraging the strengths of others and focusing on what’s best for the organization as a whole, rather than what’s best for me individually. It’s about stepping back, seeing the forest for the trees, and considering the broader implications of our decisions. This mindset not only fosters better outcomes but also encourages collaboration and innovation within the team.
What is your favorite quote?
One of my favorite quotes is inspired by Theodore Roosevelt’s speech “The Man in the Arena.” It highlights that it’s not the critic who counts, but the person who is actually in the arena—striving valiantly, facing challenges head-on, and persisting despite failures. True credit belongs to the person who puts in the effort, who knows the great enthusiasms and devotions, and who, even if they fail, does so while daring greatly. This idea resonates with me because it emphasizes the value of perseverance and courage, reminding us that real achievement lies in striving, not just the outcome.
One piece of advice you would like to share with aspiring professionals from your industry.
One piece of advice I would share with aspiring professionals is to understand that what got us here won’t necessarily get us where we need to go in the future. The passion and the cooperative model that have served us well must now be complemented by fresh, individual talents that can drive us forward. It’s easy to fall into the trap of repeating the same industry platitudes and relying on the camaraderie of familiar relationships, but true progress requires challenging the status quo. Don’t be afraid to take risks, make business decisions that prioritize members, staff, and the community, and then seek collaboration within the industry. Avoid complacency; bad strategies aren’t killing our industry; the absence of strategy is. It’s crucial to define your value proposition and take action, even if it means going against the grain. Remember, life is 10% what happens to you and 90% how you react to it. This industry will survive only if we are willing to embrace change and take bold steps forward.