Northeast CU Names Collia Permanent CEO

PORTSMOUTH, N.H. — The board of directors at Northeast CU here has announced that Interim President and CEO Timothy J. Collia has been promoted to the official position following a nationwide search.

Northeast's board chairman Philip Sullivan cited Collia's "extensive experience in the financial services industry, his knowledge of credit unions, his passion for helping members achieve their goals, and his willingness to work with other nonprofit organizations to improve our communities" as the reason for asking him to continue to lead the credit union

"I am confident that under Tim's leadership, Northeast Credit Union will continue to be a leader in providing high-quality, safe and value-driven financial services to our membership while also working to help strengthen the communities where our members live and work," Sullivan said.

Collia succeeds former CEO Peter Kavalauskas, who was killed last winter in a snowmobiling accident. Kavalauskas, 62, had only recently announced that he planned to retire soon, having led the credit union for nearly 30 years. During that time he oversaw branch expansion and nearly ten-fold asset growth.

Collia has spent more than 30 years in the financial services industry, having served as CEO of Woodlands Credit Union from September 2002 until January 2013, when it merged into Northeast CU.

"It is an honor to be selected to lead Northeast Credit Union," Collia said. "We are a forward-thinking, member-focused cooperative dedicated to enhancing the financial lives of the individuals, businesses, and communities that we serve."