DAHLGREN, Va. — Bruce Six is the new CEO at $315 million NSWC Federal Credit Union.
The CU was chartered in 1961 to service the needs of the Navy and civilian employees of what then was known as the Naval Surface Warfare Center base here. Today it serves the Naval Support Facility Dahlgren Navy base and select employee groups throughout King George County and the greater Fredericksburg, Va., area.
Six, who became CEO late last month, has 24 years of experience in both natural person and corporate credit unions. He joined NSWC FCU from Mid-Atlantic Corporate FCU, where he was the chief investment officer for 6.5 years.
Prior to his work with Mid-Atlantic Corporate FCU, Six worked for Pennsylvania State Employees Credit Union in Harrisburg, Pa.
NSWC FCU's former CEO, Harry Ovitt, passed away Aug. 8, 2013. Two of the credit union's executive officers, Virginia Storage and Charles Armstrong, served as interim co-CEOs until a permanent CEO was selected. Storage is vice president of administration, while Armstrong is VP of operations.
"Bruce Six is a tremendous asset to the team at NSWC," Board Chairman Jim Ball said in a statement. "His knowledge of the economy, technology, and experience and understanding of the credit union philosophy will add enormous value to the membership of NSWC."
Six said: "I'm very excited to join such a financially solid, full service credit union. There is tremendous opportunity to take what is already a very good credit union and make it into an even greater financial resource for the membership and the community."
In its most recent call report, NSWC FCU posted a first-quarter loss of $14,687. Its net worth ratio as of March 31 was 10.05% ("well capitalized").
In 2013 the credit union lost $317,823 from operations, and paid $208,351 to the Temporary Corporate CU Stabilization Fund, leaving it with a loss of $526,174. Its net worth ratio was 10.40% ("well capitalized").
In 2012 NSWC FCU had $855,816 in net income even after paying more than $238,000 in assessments. Its net worth ratio was 10.82% ("well capitalized").
