RALEIGH, N.C.–Dwayne Naylor, the CEO of Civic Federal Credit Union, which has been dealing with member complaints and media scrutiny in the wake of service glitches that followed a merger earlier this year, has announced his retirement.
The $3.5-billion Civic FCU said CFO Dave D’Annunzio will succeed Naylor when he retires on Jan. 16, 2026, after more than 40 years in credit unions. The retirement news was first reported by BusinessNC.
As the CU Daily reported here, the financial losses and decline in membership Civic FCU has experienced have been the subject of an extensive media report here, with Civic FCU saying it has turned the corner in tackling problems that led to more than a half-million member complaints.
Unique History
The credit union was chartered in 1983 as Local Government Federal Credit Union under the wings of State Employees’ Credit Union of North Carolina and eventually grew a $4 billion asset institution. As the report noted, and as the CU Daily has previously reported, SECU provided back-office support for an annual fee of approximately $40 million annually in recent years. Under the arrangement, Local Government members could use SECU’s extensive branch network in North Carolina.
LGFCU eventually sought to become independent and save the fee it was paying SECU, and to that end it created a new affiliate in 2018, Civic Federal Credit Union, as an online-only operation that also makes small business loans, which SECU and Local Government do not do.
Joined CU in 2009
Naylor, 65, joined Local Government in 2009 and played a big role in the creation of Civic, which received its charter in 2017, BusinessNC reported.
“He’s not going to be around to fulfil his vision for an increasingly profitable, mostly digital institution,” the report stated. “Boosting online banking and lending to compete with fast-growing online-oriented enterprises such as Ally Financial, Live Oak Bank and Sofi Financial is an objective, Naylor said in an interview this fall.”
Back to School
In a statement, Civic FCU quoted Naylor as saying he looks forward “to supporting a seamless transition and cheering on Civic’s success for many years to come. After a 43-year career serving credit union members, I look forward to completing my PhD dissertation and writing about my research.”
