KENSINGTON, Md. — As rumored, the board of directors of the $295 million Lafayette Federal Credit Union has named the board's treasurer, John Farmakides, to be CEO.
Farmakides is closely associated with former CEO Michael Hearne, according to sources familiar with the credit union and its leadership and has a history in the investment banking and commercial lending fields, according to a prepared statement from the CU.
In a quote prepared for the announcement Farmakides did not mention the controversy which has plagued the CU since its failed attempt to convert to a mutual bank nor the slide in Lafayette's assets over the last year.
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