WESTBROOK, Maine–Tricorp FCU has named a new president and CEO to succeed the retiring Steve Roy.
The corporate CU said it has selected Billy LaFavor to oversee the organization after Roy retires in September
LaFavor is joining Tricorp FCU from Credit Union Investment Solutions, LLC, a corporate credit union CUSO that provides broker-dealer and investment advisory services for corporates and natural-person credit unions through its Corporate Agent Program.
According to the Maine Credit Union League, LaFavor has been working directly with Tricorp since 2008, providing ALM strategy and modeling and has assisted with the management of the investment portfolio for Tricorp.
“Because of his involvement in working with Roy and Tricorp’s ALCO, he has an excellent understanding of the financials of the credit union and how it operates,” the Maine league said. “In addition to working closely with not only Tricorp but several other corporate credit unions across the country, LaFavor oversaw the firm’s brokerage service which included 40 sales representatives assisting over 400 credit unions with their investment needs.”
‘Wealth of Experience’
The league added that LaFavor has a wealth of experience working with credit unions and corporate credit unions educating them on investments, formulating their investment strategies, and reviewing policies for investment, credit, and asset liability management.
“The Tricorp Board is extremely excited about Billy becoming the next CEO at Tricorp,” said Ryan Poulin, CEO at New Dimensions FCU and chairman of Tricorp FCU. “We are confident that he is absolutely the right candidate for this position to continue to move this organization forward. Even though he may be from ‘away,’ his personality and mindset make him a great fit for our staff and credit unions. We got the whole package with this one.”
Grateful to Be Selected
Added LaFavor, “I’m grateful to be selected by the Board to join a very dedicated and member focused team, and I look forward to building lasting relationships with them and all the members and partners of Tricorp. Tricorp remains committed to its members’ needs, has a very safe and sound balance sheet, and has a tradition of excellence in member service, and I look forward to continuing that tradition.”
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