After 32 years of overseeing Bangor Federal Credit Union as Chief Executive Officer, Steve Clark will retire and be succeeded by Chief Financial Officer Basil Closson, effective April 1.

Under Clark's tenure, the Bangor, Maine-based CU has grown tenfold, from $15 million in assets in 1986 to $150 million today. During that time, the credit union has also added 30 employees and two branches.

“In 1986 we were on the leading edge of the personal computing age. That was the beginning of automating everything related to the financial services industry,” Clark said in a press release. “Personal computers were just beginning to enter the world. No one had even thought of cell phones yet. Now think of how many of us manage our financial lives with our cell phones.”

Steve Clark, who will retire from Bangor Federal Credit Union this spring after 32 years as CEO.
Steve Clark, who will retire from Bangor Federal Credit Union this spring after 32 years as CEO.

Clark also served as a volunteer on the Maine Credit Union League board for nine years and as a chairman for two years.

Incoming CEO Closson began his credit union career as a financial regulator with the National Credit Union Administration. He was a principal examiner and spent time at the regulator’s Region 1 office performing quality control reviews of examination reports. In November 1994, he resigned from the NCUA to accept BFCU’s offer to be their new Chief Financial Officer.

“He’s excelled in his role as CFO and I’m excited to welcome him to the CEO role,” Clark said.

Closson has been directly responsible for the annual financial statement audit and all National Credit Union Association examinations at the credit union. He’s also in charge of asset-liability management processing and analysis as well as operation budget development and evaluation.

Closson is also a member of the Credit Union National Association’s CFO Council and serves on the New England Financial Executive Committee’s Steering Committee. He was the project manager of the new BFCU Venture Way branch.

“It is a great honor to be selected by the Board to become the new president and CEO of Bangor Federal,” Closson said. “I look forward to the challenge of maintaining the culture that Steve Clark introduced me to over 23 years ago here at Bangor Federal. Having a person like Steve as a mentor has been a wonderful gift and I personally wish him the very best in retirement.”

Bangor Federal Credit Union CFO Basil Closson, who will become CEO in April.
Bangor Federal Credit Union CFO Basil Closson, who will become CEO in April.

Clark looks forward to helping Closson in any way he can.

“It’s an honor and a privilege to have worked at Bangor Federal for 32 years. I feel that I’ve had the opportunity to work with a plethora of talented and interesting people here and within our community. It’s been fun to get to know people and understand the different strengths they bring to the table, whether they’re employees, members or volunteers,” Clark added.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.