July 2025 | Carlton Proctor
Q & A
THOMAS FLOWERS
CEO, CALHOUN LIBERTY CREDIT UNION
How does a small, rural credit union recover from a direct hit by a Category 5 hurricane that devastates its entire market area and knocks out power for three weeks?
If you’re Thomas Flowers, CEO of Calhoun Liberty Credit Union, you recover by rallying your staff, turning on a generator and opening your doors a mere 24 hours after the storm passed.
Providing members with much-needed cash, financial assistance and neighborly compassion following a major catastrophe earned Calhoun Liberty CU a well-deserved measure of the community’s goodwill and loyalty.
And, oh yes, it was great for business.
“In 2018 when Hurricane Michael passed directly over Blountstown, we were the only financial institution in the area that opened right after the storm and made our services available to our members,” says Flowers. “At that time our assets were $40 million. Today we have grown to over $160 million.”
In an interview with Florida Trend, Flowers talks about the challenges facing both large and small financial institutions, the impact of AI, the Northwest Florida housing boom and recent state legislation affecting credit unions.
FLORIDA TREND: Do you see a role, however small, for AI virtual assistance to play in the day-to-day operation of Calhoun Liberty Credit Union?
Flowers: I honestly believe in the future AI is going to play a role in all industries across the board. And it doesn’t matter if it’s the financial services, large or small, or health care industries, AI is weaving its way into absolutely everything.
FT: What’s your take on the overall economy in Northwest Florida, particularly the housing industry, at this time?
Flowers: Our home construction lending has not slowed down. We do primary residence construction lending for first-time homebuyers, and that phase of our lending has not slowed down at all. We are lending in multiple counties throughout the Panhandle, and it is wide open. We have homes being built in 10 counties. The number of people moving into this area and building homes today is unbelievable.
FT: Last year the Florida Legislature passed House Bill 589 that allows credit unions to take deposits from public institutions. What effect is that having on credit unions throughout the state?
Flowers: Prior to the enactment of the legislation, credit unions were not allowed to take any deposits from public institutions, like the school board, clerk of court or sheriff’s office. In a rural county like Liberty there is only one other financial institution. So, public institutions like the school board or sheriff’s office have only one option to bank in their community.
But the legislation comes with restrictions in that credit unions can only accept deposits from public institutions that amount to no more than 10% of their total assets. So, it is very limited, but it does give public institutions, especially in rural communities, choices about where they can deposit their funds.
FT: Are you seeing any Florida credit unions reaching out to partner with fintech companies to develop software programs that enhance customer experience?
Flowers: Yes, there are some credit unions I’m aware of that are being reached out to by fintech partners looking for new ways to develop and roll out solutions and new types of programs that will make financial processes smoother, quicker and enhance member experience.