Rochester’s Think Bank has a new president to share leadership duties with CEO Paul Mackin.

Jenny Hosfeld, who has worked at Think for 14 years, was named as president this week. She will keep her title and duties as chief banking officer.

This promotion means Think CEO Mackin is handing off the president title, which he has carried since taking over as president and CEO in 2008 with the retirement of the previous leader, Paul Horgen.

As president and CBO, Hosfeld will lead Think’s mortgage, insurance, financial planning, consumer, and business banking areas, as well as the bank’s efforts in business and product development, marketing, operations and technology.

“Jenny is highly regarded across our company and community at large. She’s a highly collaborative leader who brings extensive experience and qualifications to the role,” Mackin stated in the announcement. ”Being a leader at Think means putting the mission ahead of anything else, and Jenny has consistently and impressively demonstrated this in her many contributions.”

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Hosfeld has 27 years of experience in the financial industry and has worked at Think since 2006. She has led several of Think’s strategic initiatives focused on customer care, community service and employee development, including the launch of Think’s digital banking platform in 2019.

“In this new role and throughout my banking career, what’s always been most rewarding is the opportunity to help others. Whether helping a customer reach their financial goals or guiding an employee in their development, I’ve had the good fortune of working for an organization and with teammates who believe strongly in this as well,” Hosfeld said in the press announcement.

This change is the latest in Think’s long history in Rochester.

  • 1961 - IBM employees tossed in $5 each to start the IBM Credit Union.

  • 1976 - It became IBM Mid America Federal Credit Union after taking on a federal charter, allowing it to operate across state lines. Membership opens up to IBM workers and families in Minnesota and states from Nebraska to Wisconsin.

  • 2003 - The credit union dropped IBM from the name and became the Think Federal Credit Union.

  • 2007 - Customers voted to become a bank and the name changed to Think Mutual Bank.

  • 2019 - The bank dropped the word "Mutual" from its name to become Think Bank.