New CEO to take over leadership of Think Bank

Jeff Kiger, Post-Bulletin, Rochester, Minn.

Aug. 18—Think Bank will start 2022 with a new chief executive officer, the third in the Rochester bank's history.

Think President Jenny Hosfeld will add the title of CEO on Jan. 1, when she takes over from Paul Mackin.

"Jenny is a collaborative leader who brings extensive experience to this role... We have worked toward this leadership transition for the past few years," said Mackin in an announcement of the change. "I am confident that the bank will be in very capable hands as Jenny assumes her new role."

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Mackin has served as CEO, since 2008. He followed Paul Horgen, who retired. He will continue to serve as a member of Think's Board of Directors.

Hosfeld has 27 years of experience in the financial industry and has worked at Think since 2006. She has led several of Think's strategic initiatives focused on customer care, community service and employee development, including the launch of Think's digital banking platform in 2019.

"It's an honor to be chosen as Think's next CEO, and I appreciate the support, trust and confidence of so many who've helped me along the way," Hosfeld said in the announcement.

This change is the latest in Think's long history in Rochester.

1961 — IBM employees tossed in $5 each to start the IBM Credit Union.

1976 — It became IBM Mid America Federal Credit Union after taking on a federal charter, allowing it to operate across state lines. Membership opens up to IBM workers and families in Minnesota and states from Nebraska to Wisconsin.

2003 — The credit union dropped IBM from the name and became the Think Federal Credit Union.

2007 — Customers voted to become a bank and the name changed to Think Mutual Bank.

2019 — The bank dropped the word "Mutual" from its name to become Think Bank.

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