Timothy Collia will retire as president and CEO of Northeast Credit Union in Portsmouth, N.H., this summer.
The $1.8 billion-asset credit union has hired D. Hilton Associates, Inc. to help find his successor.
Collia, who will step down July 2, spent the last seven years leading Northeast CU and for 10 years prior to that was president and CEO of the former Woodlands Credit Union in Berlin, N.H.
In his time at the helm, Collia oversaw an expansion of Northeast’s branch network from 14 to 19 locations, as well as membership growth from 101,000 to more than 139,000. Northeast also completed a merger with Ocean Communities Federal Credit Union under his leadership, expanding the organization’s footprint in Maine.
"Tim has led Northeast with heart and vision," said Raymond Bald, Northeast's chairman, said in a press release. “His contributions to the credit union and the community will always be valued and are worthy of admiration. We wish him a happy, healthful and well-deserved retirement as he returns home to his family and roots in Michigan."
A champion of community service and giving back, Collia grew the credit union’s scholarship program to $40,000 in support of its student-members, launched the “Love Your Community” initiative and established the Northeast Credit Union Foundation.
“It’s been an honor to work with so many talented people and serve so many kind and caring members. We will miss New England a great deal but my wife, Doreen, and I are looking forward to being closer to our family,” Collia said in the release. “From a credit union perspective, I’ve always felt that membership growth is an important indicator of whether we are living up to our mission."
Northeast earned slightly more than $5 million in 2020, which was less than half of the $10.8 million it earned the year before, according to call report data from the National Credit Union Administration. The decline was due in part to rising expenses and increased allowances for credit losses.
