Jacksonville, Fla. — 121 Financial Credit Union has named Bruce Fafard as its new President and CEO, succeeding Bill Braddock, who had served as CEO of the $500 million CU for 28 years.
The change will be effective May 4.
Formerly the president and CEO of Scient Federal Credit Union, a $224-million institution based in Groton, Conn., Fafard has a background that includes expertise in strategic planning, charter expansion and developing high-performance teams, 121 Financial added.
"We are extremely excited to bring on Bruce as the next visionary leader of our credit union," said chairman of the board of directors of 121, Eddie Clanton, in a statement. "He has the experience and capabilities necessary to take 121 to the next level. 121 Financial is a well-established organization with a long history in Jacksonville. We have something special to offer our membership and Bruce will lead that charge."
121 Financial noted outgoing CEO Bill Braddock engineered "sustained growth" at the credit union, "steering the institution through the recession," increasing the number of branches to 13, the number of members to 45,000, and guiding the credit union through the merger with Duval Federal Credit Union.
"I have had a satisfying tenure at 121 Financial," Braddock said. "We have done a lot of good things, and much of that is due to the outstanding team we have serving our members. The Board has done an excellent job in identifying and recruiting Bruce to assume the CEO role. I think 121 Financial will have continued success under Bruce's leadership."
