After an illustrious career spanning 34 years, Kim Westphal, CEO of HomeTown Credit Union, has announced her retirement, effective March 2025. During her tenure, Westphal has been instrumental in driving the credit union’s growth, expanding its reach, and solidifying its reputation as a trusted financial partner in the community.
Westphal joined HomeTown Credit Union in 1990, contributing significantly to its transformation from a small, employee-based credit union with $8M in assets and 3,500 members to a robust financial institution serving over 24,500 members across 26 counties in southern Minnesota. Under her leadership, HomeTown has seen remarkable growth in assets and membership, as well as several strategic expansions and mergers.
Reflecting on her time at HomeTown, Westphal said, “I have truly enjoyed working at the Credit Union over the past 34 years, and I am grateful for the career opportunities provided to me. It has been so rewarding, being part of a growing and successful organization, and I will always take pride in the accomplishments we have achieved as a team. The connections I have made with our members, communities, and employees during my tenure at HomeTown are something I will always cherish and will miss the most upon my retirement.”
The HomeTown Credit Union Board of Directors has announced that Chad Corcoran, current President of HomeTown, will succeed Westphal as CEO. Corcoran has been with HomeTown Credit Union for nine years and has over 15 years of experience in the financial industry. His promotion to President in April 2024 was part of a strategic succession plan designed to ensure a smooth transition of leadership.
“Chad has been identified by myself and the Board as an excellent candidate for the role of CEO/President at HomeTown. He has worked in the financial industry for over 15 years, and during his 9 years with HomeTown, he has demonstrated his ability to successfully lead and drive change in the areas of member service, lending, operations, and marketing,” said Westphal. “We are so fortunate to have an internal candidate that has the skillset, experience, knowledge, and character to successfully lead HomeTown into the future. Chad’s values align with HomeTown’s core values and culture, and he has established rapport with our staff and members.”
Corcoran’s contributions to the credit union are noteworthy. He has been instrumental in driving HomeTown’s growth, including a $160 million increase in assets, a $125 million growth in loans, and the expansion of HomeTown’s membership offerings to a 26-county area. His leadership during the COVID-19 pandemic and the successful mergers and system conversions further underscore his capability to lead HomeTown Credit Union into the future.
“I want to thank our Board of Directors, employees, and members for their continued support and trust. Your dedication and collaboration are the foundation of our success, and together, we will continue to build on the strong foundation Kim has set,” Corcoran said. “As we look to the future, HomeTown Credit Union is poised for even greater success. We are committed to innovation, growth, and staying true to our values as we continue to serve and support our members and communities.”
Nicole Schulz, Chair of the Board of Directors, expressed her confidence in Corcoran’s leadership, stating, “Succession planning has been a focus for our Board of Directors in recent years, and I am thrilled that we were able to identify and select a strong match internally for our next CEO which will ensure our mission, values, and strong culture continue. Chad Corcoran has been serving our Credit Union and providing excellent leadership for several years. His vision for the future, strong leadership, and integrity will continue to contribute to the Credit Union’s future success, and the Board of Directors is excited to appoint him as our next CEO.”
She added, “On behalf of the Board and the members of HomeTown Credit Union, we extend our heartfelt gratitude to Kim Westphal for her leadership over the past 34 years. She has dedicated her entire professional career to one organization, and we are extremely grateful for her commitment to our credit union, our members and staff, and the communities we serve. We congratulate Kim on her retirement and thank her for her decades of service to our credit union. She truly embodied our values of putting members first, and she will be greatly missed at HomeTown Credit Union.”
About HomeTown Credit Union: Founded on May 21, 1974, as OTC Employees Federal Credit Union, HomeTown Credit Union has grown from its humble beginnings in the basement of OTC to a full-service financial institution serving over 24,500 members in 26 counties across southern Minnesota. Guided by its core values of Community, Integrity, Education, Member Advocacy, and Commitment, HomeTown Credit Union remains dedicated to providing sound financial services, fostering financial wellness, and being a trusted partner for its members. With a rich history of growth and expansion, HomeTown continues to invest in its communities, ensuring that members receive the highest level of service and support in achieving their financial goals.
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