LONG BEACH, Calif.—Two credit unions have announced changes in CEOs.
In California, Jeff Napper, who has served as president and CEO of LBS Financial Credit Union for the past 21 years, has announced plans to retire in August. A successor has been named.
Napper, who is just the third president and CEO in the CU’s 87-year history, has been with LBS Financial for 46 years.
Executive Vice President/Chief Lending Officer Sean Hardeman, who has been with the CU for the past 12 years, has been named as Napper’s successor.
During his career at the credit union Napper has held various management positions before being named to lead the organization in 2002. He began as a part-time teller at LBS Financial in 1977 when the CU had $50 million in assets and only one branch. In 2002, the year he was appointed president and CEO assets had grown to $674 million and today total more than $2 billion.
‘Proud’ Native
In a statement announcing the retirement, the credit union noted Napper is a “proud” Long Beach native, where he was the only male senior elected to Millikan High School’s Hall of Fame when he graduated in 1975. Napper went on to attend Long Beach City College (LBCC), where he received the Highest Academic Honors and an Associate of Arts degree, followed by a Bachelor of Science in Business Administration with a major in finance with Great Distinction and a Master of Business Administration from California State University, Long Beach.
Honors & Accomplishments
Among Napper's honors and accomplishments during his career:
- He was elected to the LBCC Hall of Fame in 2008 and received the LBCC President’s Award in 2009 and has served on the LBCC Board of Governors since 2002.
- In 2018 Napper was awarded the California Credit Union League’s Advocacy Award, a “great testament to the efforts he has made in political advocacy for the credit union movement.”
- Napper was the 2022 awardee of the California and Nevada Credit Union League’s highest honor, the Leo H. Shapiro Lifetime Achievement Award, for his commitment and dedication to great member service and the financial strength of LBS Financial, plus his many contributions to the credit union movement.
- He served on the CO-OP Financial Services board for nine years, including as vice chair and chair for two years each. He also served on the CO-OP Financial Services Audit Committee from 1997–2010.
- At the California Credit Union League, Napper served for a number of years on the Fiscal Affairs Committee, was a past local chapter president and served in several other positions over the years.
- Napper served on CUNA’s Credit Union Powers Subcommittee.
- While CEO, LBS Financial Credit Union has grown to one of the strongest credit unions in California with a net capital ratio of 12.92% as of June 2023. The Credit Union has also been voted “the Best in Long Beach” for 13 consecutive years by Press-Telegram and Grunion Gazette readers, for 11 years by Beachcomber readers, and the last four years by Long Beach Post readers.
‘He Cares Deeply’
“LBS Financial Credit Union, the board, management, and employees have had the fortunate benefit of Jeff Napper’s leadership these past 21 years,” said LBS Financial Board Chair and Long Beach Unified School District Superintendent Dr. Jill Baker. “He cares deeply about the Credit Union, its members, and its employees. His consistent and strong leadership has made a tremendous impact on the organization, and he will be missed. We wish him all the best in his well-deserved retirement.”
New Energy in Virginia
Separately, in Richmond, Va., the $393-million Dominion Energy Credit Union has named Afua Essandoh as its new president and CEO effective Nov. 1.
Essandoh previously served as SVP-director of financial planning and analysis for the $3.3-billion Blue Ridge Bank.
Essandoh “has expertise in strategic planning, asset/liability management, liquidity and capital management, financial planning and analysis, and executive leadership and experience in branch operations and human resources,” the credit union said.
Continuing the Mission
“Continuing our mission of improving the financial well-being of our members is paramount,” said Chairman Ed Baine. “We have a lot of confidence in Afua and look forward to working together to continue delivering on our mission”.
Essandoh received her bachelor’s degree from Concordia College, Moorhead and holds an MBA from University of Pittsburgh, Katz Graduate School of Business.
Essandoh will succeed Michael Swalley, who after 33 years of service as the Credit Union’s president/CEO, plans to retire Nov. 1.
“Mike has set the standard as the CEO of Dominion Energy Credit Union and has developed a team of dedicated professionals who create tremendous value for the 21,000 members who trust them for their daily financial needs,” said Baine. “He has built a highly successful credit union through many different strategic initiatives, which will add significant value to members for generations to come.”
Dominion Energy CU has approximately 21,000 members.
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