Banking

Financial Resources FCU completes succession plan

Financial Resources Federal Credit Union in Bridgewater, N.J., named Frank Almeida as its new president and CEO.

He succeeds Lena Matthews, who is retiring after almost 28 years with the $507 million-asset credit union, according to a press release Tuesday.

Almeida had been serving as executive vice president and chief operating officer. He was hired in 2014 with the intent to eventually take over as CEO after Matthews retired, the company said.

“Frank has demonstrated the character, leadership and knowledge necessary to drive the credit union forward. His experience and focus on service to our members and employees is invaluable in working toward our purpose,” said chairman Sam Pagano.

Matthews started her career at the credit union in 1993 as an accountant, when it was still known as Ethicon Employees FCU. She later formed the credit union’s internal audit division and subsequently moved into operations, eventually being named chief operating officer. She was appointed CEO in 2004.

“Lena has been a tremendous leader for the credit union during her tenure helping us grow our product and service offerings and expanding our community development efforts,” Pagano said.

Almeida said credit unions will continue to play a pivotal role in the country’s recovery from the coronavirus pandemic and improving consumers’ financial well-being.

“Our team is committed to leveraging our strong financial offerings, member relationships and employee talent to drive continued growth for our members,” he said in the release.

Financial Resources FCU earned roughly $13,000 in the first three quarters of 2020, compared with a loss of $71,000 for the same period in the prior year, according to National Credit Union Administration call report data.


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