Karen Duffy, longtime president and CEO of Worcester Credit Union in Worcester, Mass., will retire effective Aug. 31.
Duffy has been at the helm of the $81 million-asset credit union since October 1993.
Duffy has been active in trade associations, including serving on the board of what now is known as the Cooperative Credit Union Association for 20 years. During that time, she served as board chair and chair of the legislative affairs committee. The CCUA serves credit unions in Massachusetts, New Hampshire and Rhode Island.
The board for Worcester said on Monday that it has retained the firm O’Rourke & Associates to help identify its next CEO.
“We are very thankful for Karen’s hard work and loyalty to Worcester Credit Union over the past 25 years,” Robert J. Hennigan Jr., Worcester’s chairman, said in a statement. “She will be missed by the board, staff and members. However, the impact that she has made will live on at the credit union now and into the future.”
In its most recent call report, Worcester earned roughly $230,000 for 2018, down about 1 percent from a year earlier. As of Dec. 31, it was well capitalized with a net worth ratio of 9.84 percent.
In 2018, Worcester CU reported more than $2.3 million in net interest income, and slightly more than $1 million in noninterest income. It held nearly 3,600 loans and leases, totaling about $58 million. The largest lending category by dollar amount was loans and lines of credit secured by first lien one-to-four-family residential properties, at $26.7 million.
