Bellco Announces Executive Team Additions, New Executive Position

GREENWOOD VILLAGE, Colo. (Oct. 1, 2021) – Bellco Credit Union has added three new
leaders to its executive team. Beginning October 1, Carrie Fredenburg was named chief human
resources officer, Steven Lee was named chief lending officer, and Becky Stembel has been
named chief member experience officer.

Fredenburg has been with Bellco for 12 years and most recently served as vice president of
human relations and training. She has managed every facet of human resources throughout her
career. Fredenburg replaces LeeAnn Downey, who retired after 18 years as Bellco’s senior vice
president of human resources.

Steven Lee brings more than 28 years of national and international financial industry experience
to the role of chief lending officer. He joined Bellco earlier this year as vice president of lending
and succeeds John Ruby, who is transitioning into the role of the newly created chief advocacy
officer, after serving for 19 years with Bellco in the lending department.

In addition to the advocacy position, Bellco has added the new position of chief member
experience officer to the executive team and named Becky Stembel to the role. She has 28
years of credit union experience, including 26 years at Bellco, where she started her career
working directly with members as a branch manager. Her focus for this new position will be to
enhance the member experience through the organization’s many delivery channels.

“This new class of leadership within our executive team will help Bellco further succeed in
meeting our members’ banking needs as well as continuing to advance our employees’
experiences and careers,” said Doug Ferraro, CEO of Bellco. “I am excited about these
additions to our leadership team as we continue to grow and serve the financial needs of even
more members throughout Colorado.”

About Bellco Credit Union

Bellco is one of Colorado’s largest financial institutions, with more than $5 billion in assets and
26 branches in Colorado. Founded in 1936, Bellco offers a full range of financial products and
services including home equity loans, auto loans and checking accounts. Today, Bellco has
more than 345,000 members who benefit from the advantages of a credit union, including lower
interest rates on loans, higher yields on savings and access to thousands of ATMs nationwide.
Connect with Bellco on Facebook and Twitter. Bellco is federally insured by NCUA and is an
Equal Housing Lender.