Olean Area FCU makes interim CEO permanent

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Richard Yeager has been appointed CEO of Olean Area Federal Credit Union in Allegany, N.Y.

Yeager had been serving in that role in an interim capacity since August.

Yeager has spent more than 25 years in the financial services industry and joined Olean Area FCU in 2012 as VP of lending. He succeeds former president and CEO Stephen Foster. It is unclear if Foster retired or moved on to another institution.

“The Olean Area FCU board of directors is pleased that Rich has accepted the position as CEO,” Patrick Kelly, president of the credit union’s board, said in a press release on Wednesday. “We are confident that under Rich’s leadership we will successfully expand our footprint while continuing our tradition of delivering quality products and superior service to our members and supporting the communities we serve.”

For his part, Yeager said he was “honored and humbled to have been chosen for this role. I am excited to grow with such a fantastic organization and look forward to working together with our board of directors and staff as we continue to grow and evolve.”

Yeager’s appointment comes during a growth period for OAFCU. Earlier this year the credit union broke ground on a new branch and was approved for a field-of-membership expansion, broadening its community charter to serve consumers across four contiguous counties in New York and Pennsylvania. In early 2018 it absorbed Enchanted Mountains FCU in a merger.

Call report data from the National Credit Union Administration shows loan balances rose 7.4% in the year ending Sept. 30, though net income was down 46%, to roughly $1.5 million, driven in part by rising noninterest expense, a drop in noninterest income and an increase in allowances for loan losses, among other factors.

The credit union holds more than $340 million in assets and serves over 19,000 members, according to NCUA.

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