MIT FCU nabs nearby credit union veteran for CEO spot

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Massachusetts Institute of Technology Federal Credit Union in Lexington, Mass., named Rui Domingos as its new president and CEO.

Rui Domingos was named as president and CEO of MIT Federal Credit Union.

Domingos has worked in the credit union industry for 29 years, most recently as CEO of the $140 million-asset Naveo Credit Union in Somerville, Mass., according to a press release on Friday. He is also part of the Cooperative Credit Union Association's Social Responsibility Committee.

"I am humbled and honored to join this fantastic organization and appreciate the board of directors’ confidence in me to lead MIT FCU,” Domingos said in the release. “I look forward to working with the credit union's talented team to continue to deliver great value to our members. In addition, I am eager to engage with the MIT community and affiliated organizations to collaborate on initiatives that will improve the financial well-being of the credit union members."

Domingos succeeds Nancy Fales, the credit union's SVP of lending, who took the helm on an intierim basis last year after the retirement of CEO Brian Ducharme. A representative from Naveo CU said it was working on a succession plan.

The $583 million-asset MIT FCU earned about $2.1 million in 2019, compared with a loss of roughly $1.9 million a year earlier, according to call report data.

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