Dwyer named new CEO of NEFCU
Geoff Akiki, Chair of the Board of Directors of New England Federal Credit Union (NEFCU), announced today that CEO David T. Bard will be retiring, effective January 2010. Bard assumed the position of CEO in 1986. Bard will be succeeded as CEO by NEFCU President and COO John J. Dwyer, Jr. As part of a carefully planned transition, Dwyer, who has been with NEFCU since 1987, became President and COO in 2006. Dwyer earned his bachelor’s degree from the University of Vermont and his MBA from Rensselaer. A CPA, he began his career with KPMG in Boston, MA. He has held a variety of positions of increasing responsibility at NEFCU culminating in his assumption of the role of CEO.
During Bard’s tenure, NEFCU enjoyed dramatic growth. In 1986, the credit union employed 30 people and operated out of a single external branch on Pearl Street. Today, NEFCU has 170 employees in six counties with seven branches. In 1986, NEFCU had $48 million in assets and less than ten million in serviced first mortgages. Today, assets exceed $740 million. NEFCU also has more than $1 billion in serviced first mortgages, making it one of the top 50 credit unions out of more than 7,000 in the country for first mortgage balances. At the end of 2008, NEFCU enjoyed a robust capital-to-assets ratio in excess of 10%.
“David Bard’s creativity, expertise, and leadership have been invaluable to NEFCU’s emergence as one of the pre-eminent financial institutions in Vermont and, in some areas, in the country,” said Akiki.
According to Board Chair Akiki, “This transition is an important step in a sequence of strategic actions that continue to reinforce NEFCU’s long term strength, capacity, and stability. For 22 years, John has played key roles in NEFCU’s growth and success. As President/CEO, he will provide the critical leadership necessary as NEFCU continues its development in the 21st century’s challenging environment.”