KENSINGTON, Md. — The $296 million Lafayette Federal CreditUnion expects to announce its choice for a new CEO within a week,the credit union said.


The CU, which has been struggling since its failed attempt toconvert to a mutual bank and a failed attempt to gather signaturesfor a meeting to recall board members has been without a CEO onsite since roughly mid-March. The credit union has never confirmedthat its previous CEO, Michael Hearne, had left the job but Hearnehad sent messages to other CEOs saying he had.


There have been rumors that John Farmakides, currently treasurerof the CU's board has been named to the post.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.