Garden Savings Federal Credit Union, a $425 million credit union headquartered in Parsippany, NJ, has announced the retirement of their current President and Chief Executive Officer, Lou Vetere, effective December 31, 2022. The Board of Directors of the credit union has selected the current Chief Sales Officer / Vice President of Lending and Marketing, Michael Powers, to succeed Mr. Vetere effective January 1, 2023.
Mr. Vetere has served in his role since being hired in June 2005 and has grown the credit union from $135 million in assets to its current size of approximately $425 million. “It has been an honor and a privilege to lead this wonderful team as we helped our members achieve their financial dreams” stated Vetere. “I have been fortunate to be supported by a professional board, excellent executive team and an amazing staff my entire career which have all helped propel Garden Savings to a high level of success.” Vetere will be continuing with the credit union in a Board of Directors capacity.
The credit union’s Chairman of the Board, Paul Mercer, added, “Lou leaves behind a fantastic legacy here at the credit union. He has accomplished a great deal and we are all very proud of that. We look forward to Mike accomplishing great things as the next President and CEO and to Lou continuing to provide insight and wisdom from his Board of Directors position.”
Mr. Powers is a 29-year veteran in the credit union industry who spent the first sixteen years of his career at Pinnacle Federal Credit Union of Edison, NJ before moving to Garden Savings just over thirteen years ago. He has progressively moved through the corporate ranks at each institution throughout his career. “It is an honor to be chosen as the next President and CEO of Garden Savings Federal Credit Union,” Powers said. “Lou Vetere’s legacy here is outstanding and I look forward to continuing to build upon that legacy while insuring that Garden Savings is well positioned for future growth and success.”
In a subsequent move, the credit union’s Vice President and Chief Financial Officer, Lynn Dockrill, was promoted to Executive Vice President. Dockrill has served as the CFO at the credit union for a decade after previously serving on its Board of Directors for seven years, and brings experience from the private sector via her previous employer. By promoting from within, the credit union has ensured the continuity and stability that they believe best serves them for years to come.
Mike Powers, Current President & Chief Executive Officer
Lynn Dockrill, named Executive Vice President & Chief Financial Officer