SCHAUMBURG, Ill. — John Fiore, who has been with $885 million Motorola Employees Credit Union for 45 years — including the last 29 as its president and CEO — on Wednesday announced he will retire on Aug. 29.
Michael Murphy, currently MECU's EVP and chief operating officer, will take over as new CEO on Sept. 1.
MECU said during Fiore's 29 years as chief executive, the credit union's assets climbed from $50 million to their current level, while membership has risen more than 60%, to more than 38,000.
MECU has moved into top 250 credit unions in the nation in assets, and is the seventh-largest CU in Illinois. It is ranked in the top 12 percent nationally in operational efficiency. MECU has recorded record highs in member advocacy ratings — the measure of how confident members are that the institution acts in their best interest.
"John's extraordinary performance and strength of character have been instrumental in building our credit union into a formidable financial institution that's well-poised for the future," said Board Chairman Ann Simms in a statement."
In its most recent call report, MECU had nearly $1.1 million in net income during the first quarter of 2014. Its net worth ratio was 9.59% ("well capitalized").
In 2013 the credit union reported $5.5 million in net income, after paying $609,309 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 9.44% ("well capitalized").
Fiore, 66, joined the credit union in the loan department in 1969. He held a number of positions, including loan officer, manager of lending and branch operations, and vice president/assistant manager, before becoming CEO in 1985.
The CU credited Fiore with expanding MECU's reach. Currently it has nine branch offices in four states.
Fiore has been involved in a number of CU organizations, including holding the directorship of the Illinois Credit Union League from 1989 to 2012, and the ICUL's chair in 1994-96.
Murphy Next In Line
Murphy, 54, joined MECU in 1996 as VP of lending and support services. He has held his current title since 1998. In that capacity, he has led all of MECU's operations, lending, marketing, as well as its information technology and investment advisor units.
Both the average loans per member and average deposits per member quadrupled during Murphy's time at MECU.
"Mike has demonstrated exceptional foresight and leadership in his time here," said Fiore, "and I couldn't be more confident in his ability to move MECU forward in a constantly changing business environment."
