NEW YORK -- Municipal Credit Union has announced that William Porter, the credit union's CEO for the last 26 years, has retired effective Feb. 28
Kam Wong, who was appointed president of MCU on Aug. 25, 2006, also assumed the CEO title on March 1.
"The timing was just right," Porter said. "I feel very good about the state and direction of MCU, and very good about Kam and his staff's leadership. It's their time to take MCU to the next level." Porter became the top executive in 1981. Under his tenure, MCU grew from 125,000 members, one branch and $97 million in assets to more than 310,000 members, a branch network that across every borough of New York and into several counties and more than $1.3 billion in assets. Under Porter MCU explored and became a real factor across many areas of consumer banking. MCU's AutoNet, for instance, a network of New York area car dealers catering to MCU members and their families, has made MCU a significant player in auto financing in the NY marketplace.
Porter's 40-year legacy in financial services began at CitiBank, where he rose through the ranks to become a vice president in consumer banking, one of the first African-Americans to achieve such as position. Officials at the New York State Banking Department recognized Porter's ambition and tapped him to head MCU.
"He's been a strong leader, a real beacon of strength, and through some very tough times," said Dominic Morelli, chairman of MCU's board. "We will miss him as much as we appreciate all that Bill has done for MCU."
Wong said "Even in his retirement, Bill Porter shows his selfless dedication to our credit union. I, and every staff and MCU member, thank him for all that he has given us, both personally and professionally."