Michael B. Magnavita has been named the new president and CEO of Franklin Mint Federal Credit Union, a $1 billion institution based in Chadds Ford, Pa., effective immediately.
The credit union’s former president and CEO, John D. Unangst, died earlier this year.
Magnavita has served as executive vice president and chief financial officer at FMFCU since 1993. He started his career at the credit union in 1987 as assistant vice president and controller.
“The board of directors are honored at having Mike Magnavita assume the distinguished role of FMFCU president and CEO,” J. Patrick Killian, FMFCU chairman of the board, said in a statement. “His major contributions to the credit union over three decades and exemplary leadership make him an outstanding choice.”
Magnavita, a graduate of La Salle University, stated: “Our commitment to offer market-leading products and services to help members achieve their financial goals remains unwavering.”
FMFCU posted net income of about $5.3 million in 2017, up slightly from $5.2 million in the prior year.