VIENNA, Va. – In a move that few saw coming, Navy FCU CEO Brian McDonnell announced he would be retiring at the end of the year. McDonnell, 60, served as CEO for the last nine years. He has been with the credit union for 35 years. “I’m not one of those people who has to work until they’re 85,” he said at the time of the announcement. McDonnell said he is interested in spending more time with his family, which includes his wife Pat, three grown sons, and two grandsons. Any CEO of Navy FCU carries a big stick because of the sheer size of the credit union. McDonnell was no different and he often said he held back on some issues and chose the most important battles. He has been vocal on too many credit unions adopting wide, expansive field of memberships that don’t show a common bond or have enough regulator involvement. “We have to continually put socially responsible services first and foremost. If we become too profit oriented we become nothing more than a bank.” He thinks both secondary capital and private insurance are potentially dangerous for the industry as a whole. He has been a major proponent of bankruptcy reform. Under McDonnell’s lead, Navy FCU expanded into trust services, business services, insurance, and developed an array of online services that have attracted more than one million regular online banking users. Thirty-four year Navy veteran Cutler Dawson was selected as Navy’s new CEO. See story on page 1.

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