The $7.6 billion Security Service Federal Credit Union in San Antonio announced Dec. 4 that longtime CEO David Reynolds will retire on March 24, 2014.
He will be succeeded by Jim Laffoon, the 961,000-member credit union's current president, Security Service said in a release.
Reynolds was named president/CEO on May 14, 1997. After nine years with the NCUA, Reynolds joined Pentagon Federal Credit Union in 1983 and opened its first San Antonio office, Security Service said. He joined Security Service in March 1986 as senior vice president and in August of that year was promoted to executive vice president.
Laffoon, meanwhile, was named to the president's post last December after serving as executive vice president and chief operating officer at the credit union he first joined in 1989.
Security Service said Reynolds led its growth from $330 million with nine branches to its current 70 branches in Texas, Colorado and Utah. It also became the largest credit union indirect auto lender in the country under Reynolds.
“Under David Reynolds’ leadership, Security Service has expanded the credit union's reach to serve more members and to provide enhanced products and services to meet their financial needs,” Board Chairman Jim O’Farrell said. “He has been committed to ensuring the continued safety and soundness of Security Service while also giving back to the members and the communities where we work and live.”