By Stan Friedman
CHICAGO, IL (January 2, 2015) — National Covenant Properties (NCP) has named Peter Hedstrom to fill its newly created position of executive vice president-chief financial officer. He will start mid-February.
Hedstrom, who has been a part of a number of Covenant congregations over his lifetime, has extensive banking experience. Over the past decade, he served as senior vice president and then regional president for US Bank in northern Minnesota. The prior decade he spent working with the bank in a variety of capacities in Minneapolis.
“I am very excited for the leadership Peter brings to the table,” said NCP President Steve Dawson. “He has a proven record of getting results and strong interpersonal skills.”
Dawson said the new position will enable the ministry to tackle several projects over the next few years that have been in planning but had to be delayed due to lack of staffing. “Peter will both handle a good deal of the work overseeing the finances and operations of NCP as well as share in the load of moving some of these projects along,” Dawson said.
NCP uses investor funds to provide loans to local Covenant churches for various construction purposes as well as other appropriate ministry projects. It currently has $380 million in assets with $270 million loaned to about 300 churches. There are over 6,000 Covenant households that invest with NCP, Dawson said.
“I’m really looking forward to working with Steve and his great team to partner with conferences and local churches in helping serve the communities they are a part of,” Hedstrom said.
Hedstrom has been extensively involved in his local community from coaching youth soccer to serving as director of several prominent boards, including the United Way of Greater Duluth, Duluth Superior Symphony Orchestra, and the Area Partnership for Economic Expansion (APEX), Duluth.
Hedstrom is married with three children. He will move from Duluth to Chicago in 2016 after his youngest child has finished high school. Until then, he will spend half his time in Chicago and work from Duluth the other half.