Northeast Credit Union Announces Retirement of its CEO.

Portsmouth, NH, February 6, 2014 – Northeast Credit Union announced today that Peter J. Kavalauskas is retiring from his position as the credit union’s President and Chief Executive Officer after 35 years of distinguished service. As part of the transition, the credit union’s Board of Directors has named a Search Committee and has engaged the services of O’Rourke & Associates to assist them with the search process.  Kavalauskas will continue to lead the credit union until a new President and CEO is hired. The Search Committee anticipates that this process will be completed in June.

In announcing his plans to retire, Kavalauskas stated, “It has been both an honor and a privilege to serve such an outstanding organization and its membership for over 35 years.  Together the employees and volunteers have focused on the financial well-being of our members and the safety and soundness of our credit union, helping thousands upon thousands of people and ensuring the long term viability of Northeast Credit Union along the way. Blessed with a solid management team, a strong and caring staff and experienced and dedicated volunteers in place, Northeast Credit Union is well positioned for continued growth and success.”

Kavalauskas is a graduate of Rensselaer Polytechnic Institute located in Troy, New York. He joined Northeast Credit Union (then known as Northeast Federal Credit Union) in 1978 as the Assistant General Manager of the credit union. He was promoted to the position of General Manager in 1984 and took the helm as President and CEO in 1985. Under his exceptional direction, the reach of the credit union has expanded from three branches in southern New Hampshire to 15 branches throughout the state, and assets have grown from $102 million in 1985 to over $957 million today. Kavalauskas also led the organization in membership growth from 39,000 members in 1985 to presently serving more than 100,000 members.

Kavalauskas has been extremely active in the credit union industry for the past 40 years. He has volunteered with the New Hampshire Credit Union League since 1982 and has served in several positions including as a member of the Board of Directors, Executive Committee, and as a past Chairman of the Board. In addition, Kavalauskas has served as a Director for the Vermont Credit Union League, as a Director and President of the New England Credit Union Executive Society, and was a member of the Supervisory Committees for Eascorp Federal Credit Union and Tricorp Federal Credit Union.  He presently serves as the Director of the Board for Octant Business Solutions. In addition to his volunteer work within the credit union industry, Kavalauskas has served on the Board of Directors for Make-A-Wish New Hampshire and has been a tireless champion of the organization’s mission to grant wishes to children with life-threatening medical conditions.

As they begin the search for a new President and CEO, the board reflected on Kavalauskas’ service to Northeast Credit Union. "Peter’s visionary leadership has truly been instrumental in the success of the credit union over the past 35 years. The Board wants to sincerely thank Peter for his dedication and we wish him the best in his retirement", said Phillip W. Sullivan, Chairman of the credit union's Board of Directors.

Kavalauskas, who lives in Dover, plans to spend more time with his wife, Nancy, their three children and their five grandchildren.

About Northeast Credit Union

Northeast Credit Union (NECU) is a leading not-for-profit, cooperative financial services organization owned by its members. NECU offers an array of financial services, to include:  competitive financing rates, checking and savings, retirement planning, online banking and bill pay, mortgages, home equity loans, and business services. NECU currently has over $957 million in assets and serves over 100,000 members at branches in Berlin, Concord, Conway, Dover, Exeter, Gorham, Lebanon, Lee, Manchester, Merrimack, Northwood, Plymouth, Portsmouth, the Portsmouth Naval Shipyard, and Rochester. For more information about choosing the right financial product or service, please visit www.necu.org or call 1-888-436-1847. This credit union is federally insured by the National Credit Union Administration. Equal Housing Opportunity.

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