Michael Parsons, president/CEO of the $330 million First Source Federal Credit Union in New Hartford, N.Y., has been elected NAFCU chair.

Parsons' one-year term begins at the end of the trade group's annual business meeting on Tuesday in Nashville, Tenn.

Parsons has been vice chair of NAFCU and NAFCU Services Corp. and has served on the Executive Committee and legislative, corporate, audit and Region 1 advisory committees, NAFCU said.

Vice chair for 2012-2013 is Ed Templeton, president/CEO of the $629 million SRP FCU in North Augusta, S.C., while treasurer is Richard Harris, president/CEO of the $1.2 billion CalTech Employees FCU of La Canada, Calif., and secretary is Jeanne Kucey, president/CEO of the $134 million JetStream FCU of Miami Lakes, Fla.

NAFCU said its former chair, Michael Lussier, will continue as a director-at-large until his current term expires in 2014. Lussier is president/CEO of the $638 million Webster First FCU in Worcester, Mass.

The annual meeting was held at the trade group's 45^th annual conference and exhibition under way this week at the Gaylord Opryland and Resort and Convention Center. The conference ends Saturday.