Richard Daugherty stepped down after more than three decades at the Maryland-based institution, including overseeing four mergers and asset growth of nearly 500%.
Tom Rachael, who has led the Muncy, Pa.-based institution since 2003, will be succeeded by Scott Naughton, who is new to credit unions but has extensive experience in the financial services sector.
Home loans accounted for the bulk of the industry’s lending gains in 2020, but inventory shortages in some markets and an uneven economic recovery may dim prospects this year.
A recently approved TIP charter, the latest in a series of growth initiatives over the last five years, will allow the Tampa-based credit union to serve anyone working in the medical field statewide.
When its proposed sale to Suncoast Credit Union fell through, Apollo Bank decided to step up commercial lending and revamp its digital offerings in anticipation of an economic rebound in South Florida.
The North Carolina-based credit union, which purchased the vacant bank branch last summer, serves some members across the state line but has not had a brick-and-mortar presence there until now.
The onset of COVID-19 forced the industry’s largest trade group to put its Open Your Eyes campaign on hold, but nearly a full year later it’s still struggling for industry buy-in.
Credit unions are hoping for a return to normal credit card spending patterns sometime during the second half, but the pandemic has created a domino effect of complicating factors.
