Mike Swalley, the longtime president and CEO of Dominion Energy Credit Union in North Chesterfield, Virginia, will retire next year.
An internal search committee has partnered with D. Hilton Associates to find the organization's next leader, the $400 million-asset credit union said in a press release Wednesday.
Swalley joined the credit union in 1990 as an executive and was named president and CEO in 1998.
"Mike has set the standard as the CEO of Dominion Energy Credit Union for 24 years. He has developed a team of dedicated professionals who create tremendous value for the 21,000 members who trust them for their daily financial needs," Chairman Ed Baine said in the press release. "He has built a highly successful credit union through many different strategic initiatives, which will add significant value to members for generations to come."
Under Swalley's leadership, the credit union transformed from offering just one savings account and simple loans from one location to becoming a full-service financial institution with a wide range of savings and loan products. A call center, digital banking and other technologies also launched during Swally's tenure.
Swalley first became involved with credit unions as a CPA in Dominion Energy's internal audit department.
"When the credit union manager position opened, I was approached about the job and thought it was a great opportunity, so I took it," Swalley said in the release. "That was three name changes and more than 30 years ago, and I feel very blessed to have found my way to credit unions."
Dominion Energy Credit Union earned $1.5 million in the first six months of 2022, a 35% increase compared to a year earlier, according to call report data from the National Credit Union Administration.
