CHADDS FORD, Penn.–New leaders have been named by two credit unions.
In Pennsylvania, Franklin Mint Federal Credit Union has minted a new president and CEO to succeed Michael B. Magnavita, who will retire May 1, 2026.
The $1.87-billion FMFCU said it has selected Executive Vice President/Chief Operating Officer, Drew Stanley to lead the organization beginning in May of next year.
Stanley, who joined FMFCU in 2004, served as chief strategy officer starting in 2014 and moved into his current role as COO in 2019.
“Stanley brings a wealth of experience in strategic planning, operational excellence, and member-focused innovation,” the credit union said.
He serves on the boards of Delaware County Community College Educational Foundation and CCRES. Stanley earned his Certified Chief Executive (CCE) designation through Credit Union Executives Society’s CEO Institute program.
‘Proven Leader’
“Drew is a proven leader with a deep understanding of our mission and values,” Chairman Leon Spencer said in a statement. “His commitment to our members and employees, along with his strategic vision, make him the ideal choice to lead FMFCU into the future.”
Added Stanley in a statement, “I am excited to build upon FMFCU’s strong foundation and lead efforts to empower members in the Delaware Valley and beyond. It is a humbling honor to be CEO Has Overseen Strong Growth
Tribute to Retiring CEO
The credit union said that under Magnavita’s leadership, the last seven as president/CEO, FMFCU has continued to grow and expand products and services, reaching $1.9 billion in assets and receiving Forbes’ “Best in State” award two years running and American Banker’s “Best Credit Union to Work For” six years in a row.
“Michael dedicated nearly 40 years to serving FMFCU members and empowering employees,” said Spencer in a statement.. “We thank him for his tremendous leadership and contributions to the Credit Union’s remarkable growth.”
Magnavita added, “It has been a tremendous honor and privilege to lead FMFCU, serving our members, communities, dedicated volunteers and employees. I step away with great confidence that under Drew’s leadership, the Credit Union and its members will continue to prosper.”
University Credit Union Names Wada as CEO
Separately, in Los Angeles, the $1.14-billion University Credit Union has named Richard Wada as its new president and CEO.
Wada is currently chief lending officer with the $9.5-billion Patelco Credit Union in Dublin, Calif.
Prior to joining Patelco in 2018, Wada held senior executive roles within Citibank’s global and North American retail banking divisions, including global head of personal lending and head of U.S. retail consumer lending.
His earlier career includes product management and marketing leadership positions at American Express and the global advertising agency Saatchi & Saatchi, the credit union said. Wada holds a B.A. from Williams College and an MBA from Columbia Business School.
‘Next Era of Growth’
“Richard Wada will guide UCU into its next era of growth—one centered on innovation, an elevated member experience, and deeper strategic partnerships across the higher education ecosystem,” the credit union said in a statement. “With a strong financial foundation and a reputation for exceptional service, UCU is poised to expand its impact and deliver even greater value to faculty, staff, alumni, students, and their families.”
“I am honored to join University Credit Union and lead an organization so deeply rooted in purpose,” Wada. Said in a statement. “UCU’s unwavering commitment to empowering members and supporting university communities is truly inspiring. Together, we will build on this strong foundation, embrace new opportunities, and ensure that every member has the confidence, tools, and support to thrive financially.”
