Appalachian Community Federal Credit Union in Gray, Tennessee, has named Andrew J. Mullins III as its next president and chief executive.
The $170 million-asset institution announced that Mullins, who has been chief lending officer for ACFCU since joining the credit union in 2020, took the helm this month. He succeeded Kelly Smith, who has been interim CEO since the prior president and CEO, Ron Scott,
"Mullins' extensive background in retail banking, lending, training, member engagement and management well-position him to lead our credit union and community into a bright future. … We look forward to working with him as we continue to formulate our strategic vision and path forward as the preferred financial institution and trusted financial partner in the communities we serve," Joe Boggs, board chairman for ACFCU, said in a press release.
The credit union recorded a net income of roughly $1.1 million for the 2022 fiscal year, nearly half of the $2.1 million it earned in 2021. Net interest income, however, rose slightly across the same time period from more than $5 million in 2021 to roughly $5.4 million in 2022.
Experts say that rising deposit costs, decreasing loan volumes and difficulties with liquidity will give
Michael Shafer, CEO of the $600 million-asset Pathways Financial Credit Union in Columbus, Ohio, highlighted a 10% to 12% reduction in projected net income for 2023 compared with last year in an
"Most credit unions rely heavily on new loan growth to sustain future profitability," Shafer said. "We are also anticipating an increase in delinquency and charge-offs over the next year in addition to rising compensation and operational costs. It is our belief that all of these factors will weigh heavily on the bottom line for credit unions."
