One Detroit Credit Union named Portia Powell as its next CEO effective January 2025.

Powell will be the first woman and first African American to lead the $64 million-asset credit union in its 90-year history.

She will replace Hank Hubbard, who has been the chief executive for the Michigan-based credit union for the past 34 years.

Hubbard will continue to serve as CEO until Dec. 31, at which time he will transition into a consulting role for the organization.

“It’s an honor to lead an institution that has been such a vital part of Detroit’s fabric,” Powell said in a press release. “I am committed to building on One Detroit’s strong foundation while innovating to meet the needs of our members in a rapidly changing financial landscape.”

Powell has more than two decades of experience in the financial services industry, having held various leadership positions in major financial institutions where she focused on operations, strategic growth and community engagement.

She was most recently the chief experience officer for One Detroit.

Her track record of driving financial inclusion initiatives and fostering strong community partnerships will be instrumental in her role as CEO, the company said.

“Her leadership, vision and passion for social impact make her the ideal person to lead One Detroit into the future,” Hubbard said in the release.

One Detroit, which was formerly known as Communicating Arts Credit Union, said it has carved its own lane, serving 12,000 members who are typically left out of mainstream banking opportunities through its products designed to meet the unique needs of working people.

The credit union lost roughly $21,000 through the second quarter of 2024 after earning $4 million a year earlier, according to call report data from the National Credit Union Administration.

“I am committed to building on One Detroit’s strong foundation while innovating to meet the needs of our members in a rapidly changing financial landscape.”

 – Portia Powell
New CEO
One Detroit Credit Union