New credit union CEO announced.
The $2.9 billion Municipal Credit Union in New York announced Monday the appointment of Mark A. Ricca as its president/CEO.
He replaced former MCU President/CEO Kam Wong who was terminated in June after a federal complaint charged that Wong allegedly stole millions of dollars from MCU through various fraudulent reimbursement schemes from 2013 to 2018. He pleaded not guilty to embezzlement, bank fraud, wire fraud and aggravated identify theft earlier this month in Manhattan's U.S. District Court.
Norman Kohn, who was serving as acting president/CEO, will resume his duties as MCU's chief credit officer.
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Ricca holds extensive experience in the financial sector as an executive and senior leader at various community banks.
Most recently, Ricca served as president/CEO of First American International Bank. Prior to this role, he held a series of leadership positions at other community banks, including CFO and chief administrative officer at Carver Bancorp; executive vice president and general counsel at New York Community Bank, and senior vice president and general counsel at CFS Bank.
"Municipal Credit Union provides a vital service to its members, offering competitive and affordable financial services products," Ricca said. "My focus will be providing our members across New York City with excellent customer service and competitive financial products that help our members have financial opportunity and security."
Ricca volunteers in various community organizations, including recently serving as the president and director of the New York Chinese-American Bank Association. He also serves as an advisory board member for several organizations including the Rutgers University Center for Innovation's Cyber Security Program and the National Community Investment Fund.
MCU is New York's ninth largest credit union by assets and the largest cooperative by members, serving 581,533 members. The credit union operates 22 branches and employs 729 staff members.
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