Central One Federal Credit Union’s longtime leader, David A. L’Ecuyer, plans to retire from the Shrewsbury-based credit union this year.

L’Ecuyer has led Central One since 1994 and is only the second CEO in the credit union’s 70-year history, Central One said in a statement last week. Central One’s board of directors has hired D. Hilton Associates to conduct a nationwide search to find its next president and CEO.

“The Board would like to take this opportunity to sincerely thank David for his 32 years of service with Central One Federal Credit Union,” Robert McLaren, chairperson of the board of directors, said in the statement. “David’s leadership, knowledge, and commitment have helped make Central One what it is today. We are immensely grateful for David’s commitment to serving our membership during his time at Central One. We wish David all the best for his retirement and success in all his future endeavors.”

During L’Ecuyer’s 28-year tenure, the credit union’s assets have grown seven-fold to $735 million and membership has more than doubled to over 35,000 members, the statement said. He transitioned the organization from a small occupational-based credit union for New England Electric System employees to one of the largest federal credit unions in Central Massachusetts.

L’Ecuyer joined Central One as an assistant manager in 1990, was promoted to manager of operations in 1991 and was named to his current position in 1994, the statement said. L’Ecuyer led Central One’s change to a community-based credit union in 1998, and in March of 2021, he initiated the expansion of Central One’s field of membership to all of Worcester County and parts Middlesex and Norfolk counties. He also oversaw the launch of the Central One Retirement & Investment Center and Oak Tree Insurance Agency.                       .

“I have had a truly gratifying and fulfilling career over the past 32 years with Central One Federal Credit Union,” L’Ecuyer said in the statement. “It has been a privilege to work with such a talented and inspiring staff, and I am incredibly grateful for the support and confidence shown by the Board of Directors over the course of my tenure here.  By working together with our fantastic management team, staff, and community, Central One Federal Credit Union is a financial institution that understands and meets the needs of its members, wherever they happen to be.”

Central One has branches in Auburn, Northborough, Shrewsbury, Westborough and Worcester, as well as school branches in Shrewsbury and Westborough high schools.