Northeast Credit Union Confirms the Passing of Its President and CEO
02/10/2014 04:33 PM
Northeast Credit Union confirmed today that its President and Chief Executive Officer, Peter J. Kavalauskas, passed away in a snowmobile accident on Saturday, February 8. Kavalauskas had served the credit union for over 35 years and recently announced his plans to retire in June.
Northeast Credit Union’s emergency succession plan has been put in place and the Board of Director’s has named Timothy J. Collia, the credit union’s Executive Vice-President and Chief Operating Officer, to the position of interim President and CEO. In speaking about the tragedy and the credit union’s plan to move forward, Collia stated, “Peter left the credit union with strong leadership in place and a clear road map for the staff to follow. I am committed to carrying on the mission that the Board of Directors and Peter have laid the foundation for and continuing Peter’s legacy of providing exceptional value, convenience, and the highest possible level of service to our members each and every day.”
Phillip W. Sullivan, Chairman of the credit union's Board of Directors added, “Peter was a visionary leader and was instrumental in the continued growth and success of Northeast Credit Union. He leaves a remarkable legacy of dedication to the credit union and its members. It was an honor and privilege to work with him. Our thoughts are with his wife Nancy and their family during this difficult time.”
Kavalauskas joined Northeast 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 was expanded from three branches in southern New Hampshire to 15 branches throughout the state, and assets grew 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 had also been extremely active in the credit union industry for the past 40 years. He had volunteered with the New Hampshire Credit Union League since 1982 and 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 had served as a Director for the Vermont Credit Union League, as a Director and President of the New England Credit Union Executive Society, and had been a member of the Supervisory Committees for Eascorp Federal Credit Union and Tricorp Federal Credit Union. In addition to his volunteer work within the credit union industry, Kavalauskas had served on the Board of Directors for Make-A-Wish New Hampshire and had been a tireless champion of the organization’s mission to grant wishes to children with life-threatening medical conditions.
The credit union will announce details for the services for Kavalauskas once they are available. In lieu of flowers, the family has asked that donations be made to Make-A-Wish New Hampshire.
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.