KENSINGTON, Md. — As rumored, the board of directors of the $295 million Lafayette Federal Credit Union has named the board's treasurer, John Farmakides, to be CEO.
Farmakides is closely associated with former CEO Michael Hearne, according to sources familiar with the credit union and its leadership and has a history in the investment banking and commercial lending fields, according to a prepared statement from the CU.
In a quote prepared for the announcement Farmakides did not mention the controversy which has plagued the CU since its failed attempt to convert to a mutual bank nor the slide in Lafayette's assets over the last year.
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"I very much look forward to growing the credit union and creating an environment that offers exceptional customer service to our membership," Mr. Farmakides said. He added, "I see tremendous opportunity for managed growth in the Washington metropolitan area and have every confidence that Lafayette will continue as a leading credit union in this area."
Lafayette Chairman Arnold Rosenthal did finally acknowledge the Mr. Hearne had left the CU in the prepared statement announcing Farmakides, but still did not reveal why Hearne had left or whether he had done so voluntarily.
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