How this Bay Area CEO is living up to his company’s name and motto

Consolidation is one of the big issues affecting the credit union sector. Just ask Scott Johnson.

Johnson, who is CEO and president of Santa Rosa based Community First Credit Union, was in acquisition mode last year. The Sonoma County financial institution merged with Vocality Community Credit Union.

“Every year a couple hundred credit unions disappear,” Johnson said. He predicts this trend to continue for at least another decade.

Johnson said this is occurring, in part, because companies are needing to spend more money on information technology compliance and security. It comes down to larger companies being able to withstand the economic burdens of doing business.

Ultimately he believes members benefit from mergers once they get accustomed to the changes in exchange for the tradeoffs such as more services, more hours that bank personnel are available and better technology.

While more people are banking digitally, Johnson doesn’t anticipate brick and mortar branches disappearing anytime soon.

“I think there will always be a time and place for in person conversations and personal services,” Johnson said.

He also believes “community” and “first” in the company’s name will always be relevant no matter if fewer people bank in person or don’t live anywhere near their home branch.

The following Q&A between the Business Journal and Johnson has been edited for clarity and space.

What are some of the biggest changes to the financial industry since Community First Credit Union was founded in 1959?

There are a few that I would emphasize. The first is technology and the pace of innovation. Having good products and services are table stakes, but convenience is also paramount. I have an 85-year-old mother who still likes to visit the branch to make a transaction and read her mailed monthly paper statement. I also have a 24-year-old son and a 27-year-old daughter who will only transact digitally on their mobile device. We are always evaluating options for making things more convenient for our members and technology plays a crucial part in that dynamic.

The other that I would emphasize is the consolidation that is continuing to take place in our industry, which is also tied to the first point. Twenty-five years ago there were approximately 10,000 credit unions in the U.S., now there are a little more than 4,000. The largest institutions benefit from scale in a manner that smaller ones are finding continually more challenging. For example, we spend about four times more on digital banking than we did five years ago. Those types of investments would be extremely challenging today at half our current size.

Community First finalized a merger with Vocality Community Credit Union in 2025. In what ways will CFCU continue to grow?

We will continue to emphasize being a trusted financial partner in our communities by offering outstanding rates, products, and services. The credit union mantra is People Helping People. We aren’t a big money center bank where the No. 1 priority is  shareholder profit. We’ll continue to grow by focusing on our members and our communities. It always starts there. What can we do to help our members achieve their goals? What can we do in the community to embody our values. I believe if we always start there, growth takes care of itself.

How does your background in technology help you with your current position?

My degree is in economics, but my technology background is certainly a nice complement. Because of the aforementioned comments about the importance of technology, it helps to connect the two. When I think about technology, I look at it from the lens of how will it add value to our members and make things more convenient for them. How can we use technology to become more efficient, reduce our expenses, and offer greater value.

Which two-character traits do you possess that are most instrumental to your success?

Having a growth mindset and always striving to be 1% better, because it compounds. You always have peaks and valleys in your professional life, but I believe you learn more from the latter. When I think about mindset, I think about what I learned when something didn’t work out the way I had hoped and how can I use those experiences to be more effective in the future. We have a saying at CFCU, keep aspiring to be 1% better. When you pair that with the right mindset, it really does compound.

What has CFCU done to prepare for a natural disaster?

We have disaster recovery and business continuity plans that are always evolving. As things continue to change, you always have to re-evaluate and test those. We also partner with providers to minimize potential single points of local infrastructure failure. Partnering with the right business providers who can do it more effectively and efficiently is important for a local financial cooperative.

How do politics—local-state-national-international—impact Community First?

As we’ve grown, we are more engaged in industry advocacy. Our business is highly regulated and the pace of change continues to accelerate. We are state charted, but federally insured. The dynamics there speak for themselves and that can be very challenging to navigate at times. We try to look at it from the perspective of are these changes good for our members and communities or not. From there, we partner with our industry advocacy groups to support or oppose a position accordingly.

What are your top two concerns for your company or industry?

The continued pace of consolidation in our industry and how AI will continue to shape the way companies provide financial services. Consolidation will continue to occur and not just for smaller institutions, we’re seeing much larger credit unions partner up now and I believe that trend will continue. I believe the industry will look very different in 10 years.

With respect to AI, I have mixed feelings. On the one hand, the potential benefits are enormous, and we have to be smart about how it can benefit our members. On the other hand, I worry about the role of human empathy and compassion when it comes to making decisions. How do those coalesce and how do we navigate that as an industry. When you call and want to speak to someone, will you be talking to an AI agent or a human? When you apply for a loan online are you being routed to an AI underwriter or a human? What’s the right balance between the two? Regardless of your perspective, that change is inevitable.

What is the key to retaining quality employees?

Pay people fairly for the work they do, provide them opportunities to grow, and be fair. Work hard, work intentionally, but also celebrate your achievements. It’s possible to work hard, have fun and appreciate people when they come together and accomplish something worthy. We have a staff appreciation party every year and it’s always a highlight for everyone. We also go all out at Halloween. For the last four years, our employees have voted us as one of the best places to work in the annual event sponsored by the North Bay Business Journal. I’m very proud of that.

What brings you joy that isn’t work related?

A nice day out of the golf course, spending time with family or friends, and enjoying a good meal. I also like tinkering at home and learning how to do something new. I grew up in Pennsylvania and am also a big Eagles fan, so I try to catch all the games. It’s tough being an Eagles fan in Niners territory, but it’s also fun! I enjoy my quiet time and the little things.

How is your job different from what you dreamed about as a kid?

As a kid, I loved to play basketball and fantasized about playing in the NBA. Then reality hit! But I also always enjoyed economics and finance, so it all worked out!