LEESBURG, Va.–New CEOs have been named by two credit unions.
In Virginia, the $56.3-million Loudoun Credit Union has named Michael F. Falvey to lead the organization. Falvey had served as CFO since February.
“He brings to the role a deep understanding of the financial services industry, combined with a strong commitment to community-focused banking,” the credit union said in a statement, adding Falvey will focus on raising the visibility of the member-owned institution, securing its next branch location, building trust and value with its members, and ensuring that the CU becomes the premier financial institution in Loudoun County.
‘Your Neighbors’
“Loudoun Credit Union is not just another financial institution,” Falvey said in a statement. “We are your neighbors, colleagues and classmates, dedicated to helping each other. Our approach is different because we take the time to understand the individual stories behind every loan and every member.”
The credit union noted Falvey’s appointment comes at the same time Loudoun Credit Union has opened its membership to anyone who lives, worships, works, or attends school in Loudoun County.
Falvey takes over for Travis Allen, whom the credit union said left to pursue other opportunities in June.
Leadership Change in Minnesota
Separately, in Owatonna, Minn., HomeTown Credit Union CEO Kim Westphal has announced plans to retire effective March 2025 after 34 years with the organization. Chad Corcoran, who currently serves as president of HomeTown Credit Union, has been named to succeed Westphal.
Corcoran has been with HomeTown Credit Union for nine years and has more than 15 years of experience in financial services.
‘Vision & Leadership’
"Chad's vision and leadership will continue to drive our mission forward,” Chair Nicole Schulz said in a statement. “We are grateful for Kim's exceptional service and look forward to Chad leading HomeTown into the future."
HomeTown Credit Union serves more than 24,500 members across 26 counties in southern Minnesota,
“I have truly enjoyed working at the credit union over the past 34 years, and I am grateful for the career opportunities provided to me,” Westphal said in a statement. “It has been so rewarding, being part of a growing and successful organization, and I will always take pride in the accomplishments we have achieved as a team. The connections I have made with our members, communities, and employees during my tenure at HomeTown are something I will always cherish and will miss the most upon my retirement.
‘Excellent Candidate’
“Chad has been identified by myself and the board as an excellent candidate for the role of CEO/President at HomeTown. He has worked in the financial industry for over 15 years, and during his nine years with HomeTown, he has demonstrated his ability to successfully lead and drive change in the areas of member service, lending, operations, and marketing,” Westphal continued. “We are so fortunate to have an internal candidate that has the skillset, experience, knowledge, and character to successfully lead HomeTown into the future. Chad’s values align with HomeTown’s core values and culture, and he has established rapport with our staff and members.”
‘Strong Foundation’
Added Corcoran, “I want to thank our board of directors, employees, and members for their continued support and trust. Your dedication and collaboration are the foundation of our success, and together, we will continue to build on the strong foundation Kim has set. As we look to the future, HomeTown Credit Union is poised for even greater success. We are committed to innovation, growth, and staying true to our values as we continue to serve and support our members and communities."