ENDWELL — “I thought I made a mistake,” says Frank Eugene Berrish, looking back over his nearly 38-year career at Visions Federal Credit Union, which was chartered in 1965. “I left a bank with $33 million in assets to join a credit union with [only] $24 million and whose office was under the IBM cafeteria … My wife-to-be said ‘not to worry, you’ll make it.’”

The year was 1975. Berrish joined Visions as the assistant general manager. He advanced to the top job in 1977 and had his work cut out for him.

“The credit union had locations in Endicott and in Owego that competed with each other … Each entity had its own board of directors … In 1980, I proposed opening a branch in the Oakdale Mall …The directors were convinced that nobody would come … When we opened the branch, which by the way was a big success — one of the [credit-union] members irately told me that now his wife could get to his money … I successfully merged the two entities in 1981 when the [enterprise] had $100 million in assets,” remembers Berrish, who is slated to retire on April 30 as the president and CEO of Visions.

No one can accuse Berrish of sitting on his assets. The once sleepy credit union has grown to $3.2 billion in total assets, or 133 times its asset size in 1975. Its original employee count of 17 has grown to 423, with 300 employees in Central New York. The membership of a few thousand has increased to 158,000 members, served through 31 locations. Visions says it is now the 39th largest credit union in the United States.

“Our net income in 2012 was $108.5 million … and we have about 225,000 square feet of property, most of which we own,” says Berrish. The pace of growth at Visions has accelerated just in the last five years: membership today is up nearly 50 percent, branch locations have nearly doubled, assets have more than doubled, and net income is up more than 500 percent.

“We have been able to grow the credit union despite the slow growth of the [regional] economy and despite the recession [of 2008] … This area is [comprised of] an aging population, who are savers, not borrowers … Our biggest export is our kids … That’s why we have [reached out] geographically to northern Pennsylvania where we see a boom in oil and gas and to New Jersey (Bergen and Passaic counties) where we see new construction and a younger population … Our growth has come organically through the increase in membership and through our investments … It has also come through acquisitions where we have taken over troubled institutions,” Berrish says at corporate headquarters at 3301 Country Club Road in Endwell.

“I think the [recent] recession, the Troubled-Assets Relief Program (TARP), and the continued consolidation in the banking industry have actually helped us grow,” the retiring CEO says with a hint of irony. “In 2008 there was panic … No one knew how big the [financial] problem was … Lehman Brothers [disappeared], Merrill Lynch became part of the Bank of America, there was a run on IndyMac …Credit unions have replaced the savings-and-loan banks [in the mind of the public], which makes us the principal mortgage lenders … We didn’t get caught up in the housing bubble, and we weren’t recipients [of the TARP bailout] … When it comes to the consolidation in the banking industry, every time one bank buys out or merges with another, [some of] their customers become upset and look for more stable institutions who aren’t changing their names,” says Berrish.

Berrish ruminates on the changes during his tenure.

“Technology has been a driving force in changing [our] industry … When I arrived at Visions, we were already online … We had an in-house System-3 that cost $1 million … The repairman was in every week to fix it … [We needed] a billboard for the employees: ‘System’s down, don’t come in’ … It was a [standing] joke … Today, computer costs have shrunk and the systems are reliable … Just need to replace a module … The computer has turned us into a cashless society … There’s a shift from ATMs to online … [Soon] we’ll see only mobile transactions,” says Berrish.

“Regulation has also changed the industry,” bemoans Berrish … “Today, the government regulates by disaster … [Laws, such as Dodd-Frank], increase our costs and decrease [our ability] to provide member services … Regulation is pushing us to the commoditization of financial transactions … and higher costs to the consumer … I recently listened to Richard Cordray, the new head of the Consumer Fraud Protection Board … There are lots of changes coming from D.C. … They still believe in one-size-fits-all legislation.

“Industry consolidation is another change [I’ve witnessed],” continues Berrish … “When I took over in 1977, there were 14,000 banking institutions. Now there are fewer than 10,000. I’ve been through the hyperinflation of the late 1970s, the collapse of the S&Ls (savings and loan banks) in the late 1980s, and the recession of 2008. I think the situation is more stable now.”

Berrish reflects back on his teenage years. “I was always good at making people money,” the retiring CEO says. “When I was just a teenager, I worked at Dick’s Sporting Goods after school … The owner let me try different things … Every week, I changed the store layout to see what worked best … He saw something in me … He even gave me his car for the weekends … Dick was a great mentor.”

“But there’s more to life than making money,” avers Berrish. “As I look back, have I made people’s lives better? Have they been enriched? Have I helped three or four generations of our members [buy a home or start a business]? Have I helped our members by promoting financial literacy so they are better consumers? I also look back and take great pride in the staff, who is family … When I took over the organization in 1977, the average tenure of our employees was six months — now it’s 12 years. Seventy of our employees have been here more than 25 years … I have done something important: I’ve developed people.”

So what does a “good old boy from Winton” do in his retirement years? “Retirement will be a new adventure,” says Berrish. “I still have a 14-year-old at home, so my wife and I need to consider schooling. I have had several consulting offers … Maybe I’ll take a federal position with the government overseeing troubled credit unions … Maybe we’ll move.”

Berrish is in no hurry to make a decision as he awaits the Visions board of directors’ decision to announce his replacement. Whatever his decision, he looks back on nearly 38 years of service that was no mistake. Berrish has put his imprint on an organization that is now a regional, financial powerhouse.

Or to quote Berrish: “Visions rocks.”

Contact Poltenson at npoltenson@cnybj.com