Small Louisiana credit union appoints new CEO
The board of directors at Section 705 Federal Credit Union has selected Melanie Riedl to lead the Lafayette, La.-based institution as its new CEO and president.
She succeeds retiring CEO Anna Trahan Suire, who worked at the credit union for over 30 years.
“I am honored to be selected as the next CEO of Section 705,” Riedl said in a press release. “Section 705 has a long-standing history in the community, and I look forward to continuing their commitment to the membership and community.”
Riedl joins the $34 million-asset CU from the University of Louisiana Federal Credit Union, where she was VP of development and strategic initiatives. Riedl also worked as a business development manager, marketing manager and compliance officer at UL Credit Union. She has more than 12 years of experience in the industry.
A graduate of the University of Louisiana, Riedl holds a bachelor’s degree in public relations.
“We are pleased to welcome Melanie to Section 705 Federal Credit Union,” Dennis Marks, chairman of the board of directors, said in a press release. “Melanie is a highly qualified leader that brings energy and demonstrated success to our organization. We feel confident that Melanie is truly the right fit for Section 705 Federal Credit Union, and we are excited for the future of our credit union under Melanie’s leadership.”
Call report data from the National Credit Union Administration shows Section 705 earned nearly $87,000 in net income last year, up 9% from 2018.
Section 705 FCU was originally chartered to serve postal workers, and its name is a reflection of the ZIP code area where those employees worked.
Meritus Credit Union, a similarly sized institution also based in Lafayette, La., recently announced its own changing of the guard.