Rick Foley, president/CEO of the $4.3 billion Delta Community Credit Union in Atlanta, has announced his intent to retire later this year.

“Rick will continue to lead the credit union until the board of directors chooses a successor. The board plans to conduct a national search through an executive recruiting firm over the next few months,” wrote Matthew Shepherd, Delta Community senior vice president of marketing and member service, in a statement to Credit Union Times on Tuesday.

Foley joined Delta Air Lines in 1966 and has served on the credit union's management team since 1986. He was promoted to president in 2004.

“Delta Community is grateful for Rick's dedication and many contributions to its success. Under his leadership, the credit union has grown from $2.5 billion in assets to $4.3 billion in assets and now serves more than 258,000 members,” Shepherd said.

Foley's retirement announcement comes a week after Delta Community confirmed that it had reached an agreement in a breach of contract suit with a real estate developer, who received a judgment earlier this year for $75.4 million.

Both sides dropped their appeal of the judgment in favor of the agreement. The terms were not disclosed.