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Interim CEO to step aside as LOC FCU names next chief executive

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Stephen Grech has been named the next president and CEO of LOC Federal Credit Union in Farmington, Mich.

Grech will take over on Feb. 3, 2020, succeeding interim CEO Kari Ciaramitaro, who has been in that role since the credit union’s board began its executive search for a permanent successor to James Dickinson, Jr., who had been CEO since 2009 and came to the credit union in 1988. Ciaramitaro will return to her position as EVP/chief financial officer beginning in February.

“We are excited to add a seasoned professional of Stephen’s caliber to the LOC team,” LOC Board Chairman Michael Lasley said in a release. “The credit union is positioned for growth and Steve brings the perfect background and scope of experience to lead us into the future.”

With 35 years of banking experience, Grech has been president and CEO of Monroe County Community Credit Union, also based in Michigan, since 2017. Monroe County Community CU is currently conducting a search for his successor.

The $225 million-asset LOC FCU posted a net income of $2.1 million during the first nine months of 2019.

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