Steve Bosack, President & CEO, Guardians Credit Union

In an interview with Invest:, Steve Bosack, president and CEO of Guardians Credit Union, discussed the lender’s commitment to both financial innovation and community impact. Bosack also highlighted creative ways of offering financial support, and talked about the unique opportunities related to supporting the cannabis industry in Florida.

Reflecting on the past year, what were the significant milestones or achievements for Guardians Credit Union?
For Guardians, it has been a really rewarding year. At the beginning of 2024, there was a race for deposits across America. Credit unions and banks were competing to offer the best deposit rates, driven by two factors: the Federal Reserve raising rates, and the need to attract deposits to keep up with strong loan demand.
This competition pushed Guardians out of our comfort zone. We offered a 5% CD, which was above market rates and became a part of our brand. This strategy paid off, especially in the second half of 2024 when the Federal Reserve began lowering rates. While others reduced their rates to 3.5% or 4%, we maintained our 5% rate. Our members appreciated it, and many new members joined us because of it.
As a credit union CEO, one of the best parts of my job is interacting with members. Many of them were unfamiliar with credit unions and asked why we offered such a high investment rate. This gave us an opportunity to educate them about our credit union’s not-for-profit member ownership structure, where every depositor becomes a part-owner with just a $25 deposit.
This strategy led to significant growth. We expanded our membership to 37,000, surpassed $300 million in assets, and the 5% CD alone brought in $17 million. These numbers are unprecedented for us. However, beyond the financial success, one moment stands out as the most meaningful achievement of the year.
We actually saved a woman’s life. Her brother came into our main office, desperate for help. His sister had a brain tumor the size of a baseball near her temple. She needed a $300,000 surgery but had been turned down everywhere she applied. Her husband had divorced her and removed her from his insurance, leaving her without options. Although she could not qualify for a $300,000 loan, we found a creative solution.
Her brother owned six trucks for his business, most of which were paid off. By refinancing those trucks, we raised nearly $300,000. This allowed him to gift her the funds for the surgery. Months later, she returned to the branch, cancer-free and in remission, with her brother. They were in tears, thanking us for saving her life. That moment defined success for us in 2024.

Guardians is a pioneer in the state of Florida for banking cannabis businesses. What are some of the unique challenges and opportunities associated with this?
The cannabis industry is unique. Few institutions offer cannabis banking. Currently, we are the only credit union in Florida doing so. Other credit unions have sought our advice, but none have entered the space yet.
Cannabis banking is highly cash-intensive. We had to hire dedicated staff to monitor for fraud and manage large cash deposits. We also invest in armored truck services, security, and insurance. Since cannabis remains federally illegal, businesses cannot accept credit cards, making cash essentially their only option. This creates public safety risks for their employees and buyers due to the large amounts of cash on hand.
We see cannabis banking as a public service. Many of our members rely on cannabis-related products for joint pain or anxiety. Despite the recent ballot initiative failing to secure the 60% vote needed for expanded marijuana legalization, we remain committed to cannabis banking. We have assured our members and business clients that we will continue supporting this industry.

What are the key trends you are observing in the credit union industry, and how is Guardians Credit Union positioning itself to address these trends?
The largest trend in the financial industry is consolidation. It is a highly competitive market with thousands of banks and credit unions vying for the same depositors and borrowers. Guardians Credit Union, with $300 million in assets and 37,000 members, is a midsized institution. We hear from larger institutions interested in merging with us and smaller ones seeking to merge into us due to increasing regulatory costs and operational challenges.
We have developed a unique merger model where smaller institutions can maintain their identity post-merger. For instance, South Florida Federal Credit Union in Miami merged into Guardians but retained their original branding, colors, and logo. South Florida FCU members still interact with familiar staff, receive their own newsletters, and have a dedicated website. This approach allows us to respond to consolidation trends while respecting the identity and legacy of smaller institutions.

Could you discuss the importance of financial literacy education and how Guardians Credit Union is contributing to this effort within the community?
Financial literacy is a cornerstone of what we do. For our members, we focus on one-on-one education, helping them maximize deposits, secure the best rates, and minimize debt costs. For example, if we notice a member’s credit card balance increasing significantly or if they miss a payment, we reach out immediately to understand their situation and provide support. Common challenges include health issues, job loss, or changes in household income. Addressing these issues early helps members stay financially afloat.
Beyond our members, we have a team of community development activists who conduct financial education seminars for non-members. These sessions are open to the broader community and focus on promoting financial success, which benefits the local economy. We operate in Palm Beach, Miami-Dade, and St. Lucie counties, and we believe successful consumers contribute to a stronger economy overall.

What are Guardians Credit Union’s top priorities and goals for the next few years, and how do you plan to achieve them?
Despite warnings of a potential recession, we plan to continue growing loans, particularly because Southest Florida’s economic dynamics are uniquely positioned for growth in the five coastal counties. Our primary goals are to outperform our peers in earnings, net worth, and lower delinquencies. Financial education remains central to this strategy, ensuring we lend to educated borrowers who can manage their finances effectively. We are proud that our delinquencies are lower and our financial metrics stronger than other institutions of similar size.
Another priority is increasing community awareness and engagement. In addition to hosting financial education seminars, we sponsor the “Hometown Heroes” program in partnership with CBS 12 television in West Palm Beach. This initiative at least once a week features a story about inspiring community members, such as students, parents, and retirees performing acts of kindness. These stories, branded with Guardians Credit Union’s sponsorship, help raise awareness about who we are and what we stand for: serving everyday heroes.
The more people understand our mission and values, the more likely they are to choose Guardians Credit Union. We believe this will lead to mutual success for our members, our credit union, and the communities we serve.