SOMERSET, Mass.—After working at Somerset FCU for 46 years, CEO Joyce Magno announced that she plans to retire.
Magno, who has been CEO for the last ten years, told South Coast Today that it is time the credit union needs to bring in a new leader.
"I felt it was time to leave because I've done all that I can do," Magno said. "It's time to get someone new in here. We need to continue to grow."
The $140-million CU is in good shape with 14.83% capital through Dec. 2014. However, the CU did show a $207,451 loss last year.
Since Magno has been the president of the credit union, online banking and mobile banking have been instituted, two new drive-throughs have been built, as well as a drive-through ATM.
For her retirement, Magno, 66, said she just wants to enjoy her family and her grandchildren. The CEO, who rose up from being a teller to president, said she wants the credit union’s next CEO to be community oriented.
"We don't want to lose that," Magno told South Coast Today.
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