John Damaso, CEO of $150 million-asset Taunton Federal Credit Union, has announced his plans to retire on July 6 of this year.
The board of directors at the Taunton, Mass.-based CU has appointed SVP Nelson Tavares to succeed Damaso, who has been with the credit union since 1993 and was named CEO in 2006.
Among the recent highlights from Damaso’s time at the helm are the addition of a second location in Middleboro, Mass. in 2013. Two years later he oversaw expansion of the credit union’s field of membership to include all of Bristol County, Mass., and the majority of the state of Rhode Island. In 2017, he led the effort to open the credit union’s third location in New Bedford, Mass.
“It has truly been an honor to be part of the tremendous growth and prosperity of the credit union,” Damaso said in a statement.
Meanwhile, incoming CEO Tavares has spent 17 years in the credit union movement, joining Taunton FCU in 2012 as assistant vice president. In 2014 he was promoted to vice president.
Damaso leaves at a time when the credit union is prospering.
Taunton FCU posted net income of about $1.14 million in 2017, up slightly from $1.1 million in the prior year.
Total loans and leases were nearly $121 million last year, up from about $117.2 million in 2016.