Stamford Federal Credit Union transitions to new CEO
David Lucas is preparing to retire after nine years as president and CEO of Stamford Federal Credit Union in Stamford, Conn., and the $68 million-asset institution has hired Edward Fox to take over.
Credit union officials described Fox as a “seasoned credit union executive” with 28 years of executive leadership experience in the movement. Most recently he served as president and CEO of $11 million-asset Federal Employees West FCU in Los Angeles. That institution has not made an announcement regarding its next chief executive.
Fox’s previous positions included a stint as interim president and CEO at Clearpath Federal Credit Union in Glendale, Calif., and serving as chief lending officer at University Credit Union in Los Angeles and American Eagle Federal Credit Union in East Hartford, Conn.
Oct. 1 was Fox’s first day at Stamford FCU. Lucas, who has been at the helm since June 2010, is expected to retire approximately Nov. 1.
Tania Barnes, chairperson of Stamford FCU’s board of directors, said the board is “both pleased and excited” to welcome Fox.
“Selecting the right leader to foster and promote our culture is critical to the success of the organization and attainment of our vision,” Barnes said in a statement. “We feel confident that Edward is truly the right fit for Stamford Federal Credit Union.”
“I am thrilled to be joining Stamford Federal Credit Union,” Fox said. “It is an honor to have been chosen to lead such a progressive organization. I am looking forward to getting to know the board and the team, and begin serving the membership.”
Fox holds a Bachelor’s of Arts in economics and history from the University of Puget Sound in Tacoma, Wash.
Stamford Federal Credit Union was established in 1952 to serve City of Stamford employees and their families. Today it serves more than 5,700 members, and is open to anyone who lives, works, attends school, worships or volunteers in southern Fairfield County.
In its most recent call report, Stamford FCU listed $209,611 in net income for the first half of this year, five times the $41,319 it earned in the first six months of 2018. As of June 30, 2019, its net worth ratio was 10.23% (“well capitalized”).