Edward Paternostro is set to retire from Nassau Educators Federal Credit union at the end of this year, with D. Hilton Associates Inc. leading the search for his replacement.
For the past 32 years, Paternostro has led the Westbury, N.Y.-based NEFCU through “unprecedented growth and innovation” and helped make it one of the “leading financial institutions” on Long Island, according to a statement from D. Hilton.
Under his stewardship, he took a two-branch local credit union and raised membership from 40,000 to more than 180,000, while increasing assets from $100 million to more than $2.8 billion. NEFCU now has 16 branches, with three new locations planned for mid-2018.
During his tenure, NEFCU underwent many changes, including the introduction of mortgages, the availability of online banking and bill payment, as well as a community charter that enabled new branches in Suffolk County.
NEFCU posted net income of about $25.9 million in 2017, up from about $22.5 million in the prior year.