Benchmark Federal Credit Union named Daniel J. Machon Jr. as its new president and CEO.
Machon succeeds David LaSala, who has retired. On a notice on its website, the West Chester, Pa.-based institution said that LaSala had led the credit union since 1999.
Benchmark said that Machon is a “proven leader” who previously served as president and CEO of Stonebridge Bank in West Chester. Machon has also held senior positions at Colonial American Bank in Horsham, Pa., Keystone Savings and Loan in Philadelphia and NOVA Financial Holdings.
“I look forward to shaping Benchmark’s future and building on the momentum it has gained since attaining its community charter to exclusively serve Chester County,” Machon said in a statement.
In April 2015, Benchmark was granted a new community charter that enabled it to serve anyone who lives, works, worships or attends school in Chester County, Pa. Previously, the credit union served employees of pharmaceutical firms Wyeth and later Pfizer and their immediate family members. Pfizer bought Wyeth in 2009.
Benchmark has posted net losses for the last four years, including losing about $265,600 in 2018, according to call report data from the National Credit Union Administration. It last turned a profit in 2014 when it earned about $483,700.
"The losses are attributable to factors that are common during the transition to a community credit union, including diminished activity from a single sponsoring company, the construction and development of new branches within the new communities we serve, as well as increased staffing and support to those communities. With these programs and transitions in place, we are steadily rebounding to renewed profitability," according to a credit union spokesperson.
