Our Board, Executives & Committees
Board and Executives
Qualstar Credit Union is a member-owned financial cooperative, governed by a nine member Board of Directors. The Board is comprised of members of the Credit Union.
The Credit Union is a state chartered, federally insured financial institution. The State of Washington Department of Financial Institutions conducts periodic examinations of the Credit Union. These examinations verify compliance with regulatory statutes and capital requirements and confirm that assets are being safeguarded. The National Credit Union Administration, a federal agency, also participates in periodic examinations to assure the safety and soundness of the National Credit Union Share Insurance Fund.
Mike Elfstrom, CEO/President
Mike has been with Qualstar since 1993, when he was hired as the Accounting Manager. Mike has a Bachelor of Arts in Accounting from Western Washington University, and is a CPA certificate holder.
Mark Petersen, Chief Financial Officer
Mark joined Qualstar in 2020 and has a Bachelor of Arts in Economics from the University of California, Irvine as well as a Masters in Business Administration in Finance from Columbia University. Prior to joining Qualstar Mark served in a number of finance and banking roles, including 5 years as Chief Financial Officer of Nordstrom Bank.
The Board of Directors retains the Credit Union President who is the “Chief Executive Officer” and is responsible for managing the Credit Union’s operations. The Board of Directors is legally responsible by statute, Articles of Incorporation, and Bylaws for overall direction of the affairs and the performance of Qualstar. They carry out this responsibility by establishing guiding policy and monitoring the performance of management within the framework of these policies. The Board meets monthly to carry out its duties. Additionally, standing committees comprised of Board Members meet regularly to support the formulation and monitoring of board policy.
Following is a list of the standing committees board members serve on during their term:
- Board Governance Committee: The Board Governance Committee’s primary responsibilities include recruitment of volunteers, oversight of the volunteer nomination and election processes, and management of the annual board self-review process.
- Employee Compensation Review Committee (ECRC): The Employee Compensation Review Committee’s primary responsibilities include management of the CEO compensation package to include salary, benefits, retirement, and incentive program.
- Finance Committee: The Finance Committee is responsible for the oversight of the investment activities of the credit union including the defined benefit and 401k plans.
Member-volunteers are also elected to serve on the Audit Committee. This committee meets periodically with management and internal and external auditors to review the quality of financial reporting, compliance with internal accounting controls, and the nature, extent, timing and results of audits and examinations. In addition, they recommend the selection of an independent certified public accounting firm, which is retained to audit the financial statements of the Credit Union in accordance with generally accepted auditing standards.
Becoming a Volunteer
Members who wish to become a Board Director or member of the Audit Committee can apply to do so by completing our online Volunteer Application. Once submitted, the application will be forwarded to the Vice Chairman of the board, who is responsible for managing the board election process.
Applicants will be invited to attend a Board Informational Meeting held in October each year. This meeting will be run by the Board Chairman and Credit Union CEO, and will help explain Board Member duties and responsibilities, time commitment, education requirements, and answer questions applicants may have.
A list of nominees is provided to the membership in January, and elections for open board positions take place prior to the Annual Meeting in April of each year.
Please complete the following application to be considered for a volunteer position with Qualstar’s Board of Directors or Supervisory Committee. Applications will be forwarded to the Board Governance Committee for review. You will be contacted by a member of the committee regarding upcoming volunteer opportunities.