Leominster Credit Union promotes insider as next CEO
Barbara Mahoney will take over as president and CEO of Leominster Credit Union in Massachusetts later this year.
Mahoney will lead the $752 million-asset institution after current President and CEO John O’Brien retires at the end of November, the credit union said. O’Brien, who announced his plans during a virtual annual meeting in September, has been with Leominster for 13 years and in the banking industry for more than four decades.
Mahoney joined LCU as vice president of human resources in October 2003 and was promoted to senior vice president of human resources in March 2010, overseeing training, facilities and human resources. In January 2019, she was named chief operating officer with responsibility for information technology and risk, facilities, human resources and operations.
Prior to joining the credit union, Mahoney worked at Allmerica Financial and Bank of Boston.
“I am honored and humbled by the board’s decision and very excited to take on the CEO role, representing and leading Leominster Credit Union,” Mahoney said in a press release Wednesday. “We have an exceptional team and I know through their passion and commitment we will continue to move LCU forward. John established an excellent foundation and I am confident we are positioned well, for continued success.”
The credit union earned roughly $709,000 for the first half of 2020, down about 46% from the first six months of 2019, according to call report data from the National Credit Union Administration. Noninterest expenses ticked up by about 3% to $10 million and noninterest income fell about 17% to $2.2 million.