Robert G. Allen will retire as president and CEO of Teachers Federal Credit Union in Hauppauge, N.Y., on May 31.
The $7.3 billion-asset institution said on Thursday that Allen has served as its chief for almost 31 years. A spokesperson for TFCU told CU Journal that a successor to Allen will be named soon.
During Allen's tenure, TFCU has seen its assets climb from $250 million to more than $7 billion, while its branch network increased from seven locations to 31.
Over his career at TFCU, Allen has led acquisitions of various other credit unions. In 2018,
Before joining TFCU, Allen served as president and CEO of United Nations Federal Credit Union, which is now a $5.4 billion-asset institution based in Long Island City, N.Y.
Aside from serving on committees of the Credit Union National Association, Allen has also participated in various policy development and legislative initiatives for the credit union movement. He has served on the Federal Reserve Bank of New York Community Depository Institutions Advisory Counsel and chaired the New York State Shared Branch Corporation.
“The credit union sector has experienced a tremendous transformation over the time I have served as President/CEO of TFCU,” Allen said in a statement. “There has been significant growth in credit union membership as well as consolidation accompanied by peaks and valleys in economic conditions. It is humbling to know that we have been able to manage these changes and strengthen our organization.”
TFCU posted net income of about $44.7 million in 2018, a 10.3% increase over the prior year.
