MONTVALE, N.J. – Richard Rays, a well-known figure in the credit union movement for more than two decades, announced he is retiring as CEO of Paragon FCU at year-end.
Rays has also led Paragon to introduce several technology innovations; Tellagent, LLC, an ATM/self-service kiosk for the underserved; Paragon Services, LLC, creator and host of the only website designed as a market place for the exchange of loan participation; as well as, the concept behind Memberville, LLC, a social networking portal aimed at connecting credit union members in the U.S. with businesses.
Rays, who has headed the now-$400 million credit union for 16 years, previously served as president of Sandia Laboratory FCU in Albuquerque, and executive vice president at Eastern Financial FCU in Miami and as an executive with a unit of Hughes Tool Co. and Electro-Gas Dynamics. He has also served on the boards of the New Mexico and New Jersey credit union leagues.
