With only 20 credit unions in thetiny New England state of New Hampshire, credit union executivesknow each other.

So when the tragic news of the death of the 62-year-oldNortheast Credit Union President/CEO Peter J. Kavalauskas came overthe weekend, the state's credit union executives were shocked andsaddened.

Read more: NECU's Kavalauskas Killed in SnowmobileAccident

“It was shocking to hear the news, especially after Peterannounced his retirement,” said Brian F. Hughes, president/CEO ofthe $193 million Holy Rosary Credit Union in Rochester, N.H., whosaid he had known Kavalauskas for 10 years. “I was reallyhappy for him and his retirement plans. Boy, how things changequickly.”

Kavalauskas died in a snowmobile accident just two days after heannounced his plans to retire in June. He led the $994 million NECUas its president/CEO for nearly two decades.

Hughes recalled Kavalauskas was a very big proponent of CU 4Reality, a financial literacy program for middle school students,and also served on the board of directors for Make-A-WishFoundation in New Hampshire.

Gerald L. Dumoulin, chairman of the New Hampshire Credit UnionLeague and president/CEO of the $41 million Guardian Angel CreditUnion in Berlin, N.H., said credit unions lost a good friend, andpraised Kavalauskas for his longstanding leadership.

“For 35 years, Kavalauskas exemplified the spirit of creditunion movement through his willingness to cooperate with his peersand serve credit union members,” Dumoulin said. “He will be greatlymissed. On behalf of New Hampshire Credit Unions, we would like toextend our condolences to his family. Our thoughts and prayers arewith his wife and children.”

Since 1982, Kavalauskas volunteered with NHCUL, serving inseveral positions as a member of the board of directors, executivecommittee and as past board chair.

In addition, Kavalauskas served as a director for the VermontCredit Union League, as a director and president of the New EnglandCredit Union Executive Society, and was a member of the supervisorycommittees for Eastern Corporate Federal Credit Union inBurlington, Mass., and Tri Corporate Federal CreditUnion in Westbrook, Maine. He also served as the director ofthe board for Octant Business Services LLC in Littleton, Mass.

In a Monday release, the Portsmouth, N.H.-based credit unionsaid its board had named Executive Vice President and ChiefOperating Officer Timothy J. Collia to the position of interimpresident/CEO.

“Peter left the credit union with strong leadership in place anda clear road map for the staff to follow. I am committed tocarrying on the mission that the Board of Directors and Peter havelaid the foundation for and continuing Peter's legacy of providingexceptional value, convenience, and the highest possible level ofservice to our members each and every day,” Collia said in thestatement.

Phillip W. Sullivan, chairman of the credit union's board ofdirectors added, “Peter was a visionary leader and was instrumentalin the continued growth and success of Northeast Credit Union. Heleaves a remarkable legacy of dedication to the credit union andits members. It was an honor and privilege to work with him. Ourthoughts are with his wife Nancy and their family during thisdifficult time.”

Kavalauskas joined Northeast Credit Union (then known asNortheast Federal Credit Union) in 1978 as an assistant generalmanager, according to a statement released by NECU on Feb. 6 whenKavalauskas announced his retirement.

He was promoted to general manager in 1984 and took the helm aspresident/CEO in 1985.

Under his leadership, NECUexpanded from three branches in southern New Hampshire to 15branches throughout the state. Assets grew from $102 million in1985 to over $994 million today. Kavalauskas also led theorganization in membership growth from 39,000 members in 1985 to99,616 members today.

New Hampshire Fish and Game officials said Kavalauskas of Doverdied after a snowmobile he was driving hit trees on the shores ofMillen Lake in Washington, N.H. at about 1 a.m. Saturday. Althoughthe accident is still under investigation, authorities believespeed may have been a contributing factor, according to local mediareports.

Funeral arrangements are expected to be announced Tuesday bythe Wiggin-Purdy-McCooey-Dion Funeral Home in Dover, N.H.