KENSINGTON, Md. — The $296 million Lafayette Federal Credit Union 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 to convert to a mutual bank and a failed attempt to gather signatures for a meeting to recall board members has been without a CEO on site since roughly mid-March. The credit union has never confirmed that its previous CEO, Michael Hearne, had left the job, but Hearne had sent messages to other CEOs saying he had.
There have been rumors that John Farmakides, currently treasurer of the CU's board, has been named to the post.
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:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
