Krause takes the reins at Taylor Credit Union

Daniel Krause is the new President/CEO of Taylor Credit Union taking over from longtime president Deb Woods who retired after more than two decades of leadership.

Krause is a familiar face in the local financial community

143221 beginning as a loan officer at a local financial institution in 1993 and working his way up to being a branch manager and executive vice president before making the move to lead Taylor Credit Union. He officially took over as president/CEO on October 1.

“Dan’s extensive 30-year background in finance and his strong local connections within the communities we serve, will be beneficial to him in this new leadership role,” said Mike Handel, board president of Taylor Credit Union.

Handel said the board looked forward to Krause serving the credit union’s members for years to come and continuing the strong tradition of stable leadership and growth the credit union has seen under Woods.

“Woods’ leadership in the credit union had been tremendous as has been her commitment to community involvement, bringing her leadership experience into the broader community,” Handel said.

He thanked Woods for her many years of dedicated service to Taylor Credit Union. Taylor Credit Union has served the financial needs of members since opening in 1951 serving members of the Stetsonville Farmer’s Union.

Krause officially became CEO of Taylor Credit Union on October 1. For weeks prior to the transition, he worked with Woods to learn the position and make for a smooth transition of authority. Visitors to Taylor Credit Union may still see Woods on occasion as she works in a mentorship role with Krause.

Beyond his financial background, Krause has been active within the community. He has served as a board member and executive committee member of the Clark County Economic Development and Tourism committee since 2006.

He is a member of the Clark County Revolving Loan Fund committee, a position he has held since 2012.

Krause is originally from Westboro and other than his time earning a degree from UW-Eau Claire in 1993 has called this area home his entire life.

In addition to UW-Eau Claire, he completed the School of Bank Management from the Wisconsin Banker’s Association in 2016 and completed the Graduate School of Banking at UW Madison in 2018 where he was awarded a Prochnow Educational Foundation WBA 3-year scholarship.

In 2019 he received his certificate of executive leadership from UW-Madison.

While much of his career was spent on the banking side of delivering financial services to customers, most of that was with mutual savings banks, which have many similarities to the organizational structure of credit unions.

Unlike banks which return profits earned to shareholders and investors, credit unions return earnings to members through lower loan rates and support of community activities, as well as educational programs. Taylor Credit Union has had a long-running Student Credit Union program in Immanuel Lutheran School, Holy Rosary Catholic School and the Abbotsford schools.

Student Credit Union is run by the students who are overseen by Taylor Credit Union staff who operate an in-school brand recognized through the state with a goal to encourage students to save money while giving them the opportunity to learn and grow. Staff from Taylor Credit Union go to the schools once a week from November through April and the student members are able to make deposits and learn about financial health, laying the groundwork for a lifetime of financial success.

Studies have shown young adults do not have the skills needed to set financial goals. Their perception is to acquire possessions through use of credit cards rather than saving for a purchase. The student credit union is a way Taylor Credit Union is working to change this by teaching goal setting and routine savings so that it becomes habit for the young people for their future lives.

The move to the credit union structure has been an easy one for Krause working with the member-owners of the credit union to meet their financial service needs.

Krause praised the staff for their help with the transition. “We work with an incredible staff,” he said.

One of the things that sets credit unions such as Taylor Credit Union apart from other types of financial institutions is the focus on the needs and financial wellbeing of the members who are both customers and ultimately the owners of the credit union.

Credit Union governance is through a board elected to terms of office by the members at the annual meeting.