Tom Rachael, CEO of PALCO Federal Credit Union in Muncy, Pa., has announced his intention to retire March 1.
Rachael joined PALCO Federal as CEO in 2002 after nearly three decades working with banks. In his time at the helm its assets have more than doubled, from $37.7 million to $91.3 million. The credit union serves more than 6,000 members, and membership is open to workers at more than two dozen select employer groups and their families.
“I did not know much about credit unions back then because I was in the banking industry all my career,” Rachael wrote in a message to members. “Still, I quickly learned the difference between a bank and a credit union, and I was hooked. I had a job that I cherished and knew I could make a difference in our members’ lives.”
Rachael will be succeeded by Scott Naughton, who joined PALCO late in 2020 as part of a succession plan. Naughton is new to the credit union business but has more than two decades of experience in the financial services sector, most recently as a vice president at Penn Woods Bancorp, according to a press release from the CrossState Credit Union Association.
PALCO FCU earned about $155,000 last year, a 67% decrease from 2019’s net income figures. Call report data from the National Credit Union Administration shows an 11% decline in noninterest income, while expenses rose slightly and loan volumes mostly stayed flat.
