APL Federal Credit Union in Laurel, Md., on Monday said David Woodruff will be its new president and CEO.
Woodruff is taking over from Jim Deegan, who is retiring. Deegan has been with the $487 million-asset APL Federal Credit Union for 28 years.
Woodruff has worked in credit unions for 25 years, and has more than 30 years’ experience in the financial services industry. Most recently he was the president and CEO of $142 million-asset Zia Credit Union in Los Alamos, N.M.
Before Zia, Woodruff served 11 years as vice president of lending operations at the $347 million-asset CommonWealth One Federal Credit Union in Alexandria, Va., and seven years as manager of lending operations at $2.2 billion Numerica Credit Union in Spokane Valley, Wash.
“It is an honor to have been chosen to take over the leadership of APL Federal Credit Union, an organization for which I have a great deal of admiration,” Woodruff said in a press release. “The credit union has a rich history and I hope to continue its legacy and make it an even greater resource to the membership and the community.”
In its most recent call report, APL Federal Credit Union earned about $3.5 million in 2018, up more than 50 percent from a year earlier. As of Dec. 31, 2018, it was well capitalized with a net worth ratio of 10.65 percent.
As of the end of 2018, the credit union held 16,515 loans for more than $279 million.
