David S. Sprague, the longtime president and CEO at Hanscom Federal Credit Union, will retire on Jan. 3.
The credit union announced Sprague’s retirement in a statement on Friday. Sprague has been appointed to fill an open seat on the credit union’s board of directors beginning Feb. 1.
“We’re all so appreciative of how David has led our credit union for these last 25 years,” John A. Delcore, chairman of Hanscom FCU’s board, said in the statement. “He has led this organization through some good times as well as some challenging ones, and through them all, we’ve been able to grow and thrive thanks to his calm, clear-headed management style. I’m deeply grateful for all his years of service and wish him well in his retirement, and I’m happy he’ll be joining the board in February.”
The search committee for Sprague’s successor will soon name the next leader, who will be the fifth president and CEO in the credit union’s 68-year history, the statement said. D. Hilton Associates has been retained by Hanscom FCU’s board to conduct the nationwide search, and Chief Operating Officer Jim Potter will be the credit union’s interim CEO.
Hanscom FCU’s membership includes military and government personnel, and the credit union is headquartered at Hanscom Air Force Base.
Sprague has been Hanscom FCU’s president and CEO since 1996. He had previously worked at a regional bank and then at Rockland Federal Credit Union, where he was a senior vice president, according to the statement.
During Sprague’s tenure, the credit union’s assets have grown to $1.7 billion, and membership has more than quadrupled to over 90,000 members, the statement said. It is the fifth largest credit union in Massachusetts. The credit union also completed six mergers during his tenure.
“His belief in team-building, training, employee empowerment, and commitment to supporting technological advances allowed Hanscom FCU to deliver more conveniences and security to its members, from extensive web-based services to shared branching with thousands of other credit unions across the U.S.,” the statement said.
Sprague also launched the credit union’s indirect auto lending program; Hanscom Insurance Agency, an insurance agency subsidiary; and Hanscom Investment Services, a financial services provider in conjunction with a licensed brokerage firm.
“It has been my pleasure to work on behalf of our members to build a credit union they can be proud of, one that serves their financial needs with a variety of outstanding products, services, and programs,” Sprague said in the statement. “Our search committee has done a terrific job evaluating internal and external candidates to lead the credit union. I’m confident the credit union will be in good standing for years to come.”
