John Dea, longtime president and CEO of $915 million Los Angeles Federal Credit Union, on Friday announced he will be retiring in February 2018.
Dea has been with Glendale, Calif.-based LAFCU for 25 years. He has served a total of 43 years in the credit union industry.
Succeeding Dea as president and CEO will be Richard Lie, LAFCU’s current executive VP/chief financial officer.
Dea is a graduate of Western CUNA Management School and has served on the WCMS board of directors. He has served as president of the San Gabriel Chapter of Credit Unions, taught credit union classes to Los Angeles Unified School District high school students, and taught classes through the Credit Union Nation Association Staff Training and Recognition program to credit union employees and volunteers.
During Dea's tenure at LAFCU, the credit union tripled in size to almost $1 billion in assets and is one of the largest and best-capitalized credit unions open to all Southern California residents. It currently has more than 60,000 members. LAFCU, now one of the largest credit unions in the nation, was founded in 1936.
In 2016 Los Angeles FCU earned more than $5.5 million in net income, according to its Call Report. As of Dec. 31, 2016, its net worth ratio was 12.22 percent (“well capitalized”).
LAFCU has received several recent awards, including, “Best Credit Union” and "Best Places to Work" in Southern California, and the "Best Credit Union to Work For" in the USA.
LAFCU has branches in Los Angeles, Cerritos, Culver City, El Monte, Gardena, Glendale and Van Nuys, and its members can access 5,600 credit union branches and 30,000 ATMs locally and nationwide.