News & Press: Credit Union News

Credit union chief to retire

Monday, April 9, 2018  
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Hometown Source (April 4, 2018) - Bill Raker, president and chief executive officer of Burnsville-based Firefly Credit Union, will retire at the end of this year. Raker has served as Firefly’s chief executive for over 20 years, growing the institution from approximately $250 million in assets to over $1.2 billion today.

Raker’s career with Firefly began in 1985 as a volunteer member of the board of directors. After 12 years with the board, including time as the board chair, he accepted the position of president and CEO in 1997.

Raker achieved many milestones as president and CEO including the adoption of one of the nation’s largest community charters in 2004. Originally founded as a credit union serving Minneapolis postal employees (and later hundreds of other employer groups) this expansion redefined the credit union’s market as those who live, work, worship, attend school or volunteer in the seven-county metro area surrounding Minneapolis and St. Paul.

Under Raker’s leadership, the credit union has received dozens of national and statewide awards for community service, financial education, lending, training, and marketing. Firefly has been recognized as a National Standards Top Workplace and an Employer of Excellence.

Raker himself is actively involved in the credit union industry. He has served at the executive level on several regional and national boards including the Credit Union National Association’s Governmental Affairs Subcommittee, Federal Credit Union Subcommittee (chair), Examination Supervision Subcommittee, Credit Union Powers Subcommittee and Due Diligence Task Force. Raker served on the National Credit Union Administration’s Risk-Based Capital Working Group, Derivatives Working Group, and was chair of the CU Service Centers Executive Committee as well as the Minnesota Credit Union Network.

Raker first worked with credit unions while teaching mathematics at Fort Knox High School in Kentucky during the 1970s. There he was faculty advisor for what became the first student-run credit union in the nation. Almost 50 years later, Raker was a catalyst in Firefly’s student-run branch at Burnsville High School, an initiative that has received national recognition in both the academic and credit union communities.

Locally, his service includes the Inver Hills Community College Foundation board of directors, the Prepare+Prosper board of directors and the Burnsville Chamber of Commerce (chair).

Raker is the recipient of several industry honors. He was named to the World Council of Credit Unions International Executive Volunteer Corps for his industry efforts in Paraguay and Cambodia. In 2009, Raker was awarded the Minnesota Credit Union Network’s Outstanding Credit Union Professional of the Year. In 2015, he was inducted into the Credit Union Hall of Leaders at the Credit Union House in Washington, D.C. In 2016, he was added to the Credit Union Executive Society’s Hall of Fame for lifetime achievement and contributions to the credit union movement.


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