Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KENSINGTON, Md. — The $296 million Lafayette Federal Credit Union has announced a new chief executive to replace Michael Hearne, its controversial departed CEO. But some members who opposed the credit union’s attempt to change to a community bank charter doubt that the new executive will bring the CU the reconciliation they believe it needs.

The new man named to occupy Hearn’s position is B. John Farmakides, the treasurer of the credit union’s board of directors as well as a former longtime member of the CU’s supervisory committee. Farmakides’ background also includes tours in investment banking and commercial real estate as well as over 10 years of experience with the U.S. Small Business Administration, the CU said.

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

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com 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 Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.