Walter L. Biernacki

Larry Biernacki was new to Arkansas when he arrived in 2005 to take the helm of Arkansas Federal Credit Union. Although it was the state’s largest credit union by far, its assets were still barely over $400 million, not enough to crack the list of the 20 largest financial institutions in the state.
Less than five years later, the ambitious plans he described on his arrival are starting to become reality.
“Our big, hairy, audacious goal — our BHAG — was to be $820 million at the end of 2010,” he said. “And we stood at $796 million at the end of 2009.”
AFCU is now larger than all but 10 banks chartered in Arkansas, and without a single acquisition. “We’ve just experienced a wonderful, wonderful organic growth,” Biernacki said. “It’s just members trusting us with a bigger share of their wallet.”
AFCU’s footprint has expanded. In addition to the five branches that were operating when he arrived, Biernacki has added branches in Cabot, Searcy, Bryant, Hot Springs, the University of Arkansas at Little Rock campus and, just last month, a new branch on the Little Rock Air Force Base. An automated teller machine is operating in Rogers at what was formerly a branch of Parkway Bank.
He has also doubled the size of the staff. “We were way too lean in the skin. We were not able to deliver good service, but now we can, and look what’s happened,” he said.
As is typical with successful executives, Biernacki, 57, credits the growth to “the kids,” as he calls his staff.
“I just think of myself as a person who empowers people,” he said. “Tell them where you are going, tell them why you are going there, tell them what’s in it for them. And then give them the resources to accomplish what you want them to accomplish, and then get out of the way.”
With a résumé that includes banks and thrifts, Biernacki is a true believer in the credit union mission.
“‘Improving each member’s financial life’ is our advertising tagline. The results,” Biernacki said, “kind of speak for themselves.”

Previous Honorees