Connor retires from AmFirst
In the late 1970s, Birmingham-Southern College student Bill Connor searched for a job. Seeking solutions to school expenses, he saw a note posted at the school’s Student Affairs Office: Iron and Steel Credit Union (today AmFirst) was hiring. Connor got a part-time position while he finished school, working as a teller or in clerical roles and learning the credit union business.
“I had no clue what a credit union was at that point in time,” the Huntsville-raised accounting major recalls. He does now.
After graduating from college in May 1982, Connor took a full-time position as a staff auditor in the credit union’s internal audit department. Forty-four years later, he retires as AmFirst’s CEO.
Rising through the ranks, he worked as an auditor, controller, vice president and CFO. Connor was named CEO in 2011 and remained so until his March 1 retirement.
Much was accomplished during his tenure. “From a business perspective, we have seen good growth over the years with strong financials and capital positions,” he says. “Certainly, as a CEO, I am proud of that, but outside of that, we have done a lot at AmFirst that sets us apart.”
He notes the credit union’s growth as the leading auto lender in the Birmingham region. “If you have a car loan, there’s a good chance your loan is with us.” He credits not only their great rates but their service commitment to their members and the 80-some dealers that are a part of their network.
In 1980, the company had $150 million in assets and about 40,000 members. Today, it has $2.5 billion in assets and 200,000 members.
During Connor’s tenure, AmFirst has grown from eight branches to 21.
He cites AmFirst’s philanthropic work as a differentiator. This includes its Rising Star Student program, which has awarded area high school seniors a quarter million dollars in college scholarships. Their summer food drives generate thousands of pounds of food for local food pantries. In addition, their Community First Program has provided both staff volunteer hours and more than $1.3 million in funding to area nonprofits.
As for retirement, Connor plans to reside in Birmingham, where he has lived since college graduation. “I will find things to keep me occupied,” he says, “such as golf, which I have not been able to play as much as I’d like to or as much as I intend to.”
He laughs, “I took 40 years off of my golf game. I plan to pick that up again.”
Connor and wife, Pat, also enjoy travel and spending time with their grandsons.
How the business has changed
“When I first started in the business, credit union services were very vanilla,” Connor recalls. “They offered basic checking and saving accounts and personal loans. Most larger credit unions, like ours, offered mortgage loans, but most smaller ones did not.”
He notes that today’s larger credit unions provide a full range of financial products and services with multiple delivery channels to meet the needs of today’s consumers.
“In earlier days, we were called ‘single sponsor credit unions.’ For example, the power company, phone company, the hospital, each had a credit union for its employees.
“In 1936, Iron and Steel Credit Union was chartered to serve the employees of U.S. Steel. Today, single sponsors are the exception. Most credit unions, like AmFirst, have community charters allowing them to serve geographic areas. AmFirst serves the Birmingham metropolitan area, which includes Jefferson and the surrounding counties.”
In summary, Connor says, “all credit unions are member-owned cooperatives. We are focused on the needs of our members. That commitment includes serving our members in a way that is most desirable for them. We are high tech, with 21 branch offices and a full array of digital services.
“At AmFirst. I always stressed maintaining a definitive, well-grounded compassionate commitment to the people and the cities/communities we serve. It is fundamental to who we are.”
Swofford retires from Alabama Credit Union
In the 1970s at the age of 22, college student Steve Swofford joined the Alabama Credit Union (ACU) as a member. The University of Alabama student obtained an ACU loan to buy a car. Two decades later, he would be the company’s CEO.
After years of service that started in 1998, Swofford will retire from ACU in the fall of 2025. Through the years, customer service has been one of his focal points. Expansive growth has been another.
“People seek credit unions for the personal experience and relationship with the company,” he notes. “You have to build that personal relationship with them.”
As for growth, when he assumed the company’s CEO role in 1998, ACU had 26 employees and 11,000 members. In 2025, it has 400 employees and 150,000 members.
Originally, the credit union’s primary membership was the University of Alabama. Today its customer base is much broader.
Though Swofford’s relationship with ACU began in 1998, his training began almost two decades earlier.
His early ventures included six years at a Birmingham savings and loan company. But in 1980 a fishing buddy told him about a job opening with the Alabama Credit Union League, back then, the State’s association for credit unions. He sent an application, was granted an interview and got the job.
“I did a little of everything while there,” he recalls, “I also became director of public relations.”
Meanwhile, back in Tuscaloosa, a CEO position opened for ACU.
“I got the job and went in as the CEO,” Swofford recalls. “The training I received from the Alabama Credit Union League gave experience needed for the Tuscaloosa based company.”
Swofford aggressively pursued new member businesses, including Alabama’s Mercedes-Benz plant. “We signed up 500 accounts the first week,” he recalls. “Now we have two offices in their plant.”
In addition, ACU is the credit union for Austal USA, Airbus, the Alabama Port Authority, the City of Orange Beach and others.
Swofford is passionate about his company helping the community, including food for children in need, literacy training and other charities.
As for employees, ACU has been listed by several magazines, including Business Alabama, as one of the best places to work in Alabama.
In retirement, Swofford plans to continue with community work through volunteering. He adds, “I am also an outdoor guy, and looking forward to fishing and hunting.” But he notes, “I will miss the people, our employees and the relationships I have built with our members.”
How the business has changed
“For many years, people would see the word ‘union’ in credit union and think we were a union,” recalls Swofford. “With advertising and becoming more visible we moved past that. People like credit unions because we are a clear alternative to what they view as impersonal institutions.”
He adds, “Like most businesses, credit unions evolved to fit member needs. In the early days credit unions were basically a checking, savings, car loans and credit card business. We still offer that but there is more. We expanded into mortgage offerings. Almost any kind of mortgage product out there — fixed rate, adjustable, home equity, we have it.”
He predicts the future of the business, “As long as we stay true to our mission, we will continue to attract members. We must stay current, up to date in technology for our online and mobile services. We must also continue adding products and services our people want.
“I think if we do all of that and maintain our commitment to member service, we will do just fine.”
Emmett Burnett is a Satsuma-based freelance contributor to Business Alabama.
This article appears in the March 2025 issue of Business Alabama.
