ALBANY, N.Y.–First New York FCU has named a new president and CEO to succeed Lucy Halstead, who is retiring, while EastRise Credit Union CEO John Dwyer has set a retirement date.
The $504-million First New York has selected Vik Muktavaram to lead the organization, becoming the ninth chief executive in the credit union’s 88-year history.
Muktavaram is currently the EVP/CFO at Sunmark Credit Union in Latham, N.Y. He joined Sunmark as chief risk officer in 2022 and was named interim CFO in 2024. Prior to joining Sunmark, he was a principal with Satori Consulting, a New York City-based management consulting firm. Before that, he served as chief risk officer for Old Mutual Bermuda, an investment management company, and spent over a decade in management consulting.
‘Experience Stood Out’
“Vik’s range of experience and commitment to the credit union movement stood out during our search process,” Chairman Brian Krawiecki said in a statement. “First New York has a great team, and we are excited to bring Vik on board as their new leader.”
Muktavaram earned an MBA from Columbia Business School, a master’s degree in computer science from Oklahoma State University, and a bachelor’s in chemical engineering from Osmania University.
EastRise Credit Union CEO John Dwyer to Retire
Separately, John Dwyer, CEO of EastRise Credit Union in Williston, Vt. said he will retire effective June 5, concluding a 38-year tenure with the organization as president and COO, and serving as CEO for the last 15 years.
“John’s unwavering dedication to the credit union movement amid decades of transformation, challenge, innovation, and disruption is deeply appreciated,” Chairman Art Woolf said in a statement. “His authentic leadership exemplifies how a clear organizational purpose can be aligned with a broader mission, ultimately creating value for both individuals and communities.”
The $3.1-billion EastRise said that among his many achievements, Dwyer positioned the credit union as a leader in mortgage lending, advanced investments in technology and infrastructure, and broadened service offerings to include comprehensive, innovative banking solutions.
“He fostered partnerships and initiatives targeting critical needs such as Vermont’s housing shortage, food insecurity, financial inclusion, environmental sustainability, and overall community well-being,” EastRise CU stated.
In addition, Dwyer serves as a long-standing Trustee and Finance Committee Chair for the University of Vermont Health, further demonstrating his commitment to purposeful financial stewardship.
‘Widely Respected’
“John is widely respected as a key figure in Vermont’s business landscape, influencing affordable housing strategies and sustainable development with a commitment to vision and partnership. He challenged us to think boldly about what a credit union can be, and his legacy is the strong foundation he leaves behind. We extend our deepest gratitude to John,” Vice Chair Spencer Newman said in a statement. “Nonetheless, we are eager to advance the forward-thinking strategic framework John established under new leadership to reach the next horizon of growth, impact and member value.”
Newman is leading the board search committee in collaboration with Korn Ferry. The selection of a successor is anticipated by May.
EastRise has more than 170,000 members and 450 employees.
