Dunedin-based Achieva Credit Union has created its first chief deposit officer position, hiring banking veteran Nicole Tompkins to oversee its deposit strategy and expand business banking services as financial institutions compete for customers’ money.
The appointment, announced Sept. 1, puts Tompkins in charge of growing deposits, developing consumer and business banking products and strengthening treasury management services. She joins Achieva as competition from high-yield savings accounts continues to give consumers more options for where to keep their cash, forcing banks and credit unions to weigh the cost of attracting deposits against the need to retain them.
The Wall Street Journal reported in October that some high-yield savings accounts were offering returns of up to 5%, compared with a national average savings rate of 0.38%. Those higher-paying alternatives have made deposit pricing an important consideration for financial institutions, although Achieva has not said whether competitive pressure prompted the creation of the new position.
Tompkins brings nearly 20 years of banking experience, most recently serving as senior vice president and chief experience officer at Mid-Hudson Valley Federal Credit Union in Kingston, New York. There, she oversaw retail and business banking, treasury cash management, wealth management and business development, following an earlier role leading retail banking and wealth management.
Her career began as a teller before she moved into leadership positions at Bank of America, Orange Bank & Trust and Rhinebeck Bank, eventually taking responsibility for several of the business lines she will now oversee at Achieva.
“Nicole is an accomplished leader with a proven ability to build strong teams, deepen member relationships, and drive sustainable growth,” said Eric Jenkins, Achieva’s president and CEO. “Her experience, collaborative leadership style, and passion for serving communities make her an outstanding addition to Achieva.”