ValleyStar Credit Union in Virginia hires new CEO

ValleyStar Credit Union in Martinsville, Virginia, has named Mike Warrell as its new CEO.

He succeeds Lisa Lambrecht, who was appointed the $574 million-asset institution’s interim CEO in March.

Warrell most recently served as president and CEO of $186 million-asset Solano First Federal Credit Union in Fairfield, California, which announced plans to merge into $2.5 billion-asset Valley Strong Credit Union in Bakersfield, California, in March.

Warrell was hired because he has the experience to optimize member engagement and support the ValleyStar workforce, James Rorrer, ValleyStar’s chairman, said in a press release Wednesday.

“The future of financial institutions lays in the ability to balance digital transformation and personal relationships and the board is confident Mike Warrell’s leadership will move us forward,” Rorrer said.

Warrell said part of his task is to ensure that ValleyStar is a leader in innovation.

“Our strong foundation that began in Martinsville in 1953 allows us to meet our members where they are, helping them turn financial decisions into real-life dreams of home ownership, building a retirement nest egg or enjoying the great feeling of making that final loan payment,” he said in the release.

ValleyStar earned $786,000 in the second quarter, after earning about $510,000 a year earlier, according to call report data from the National Credit Union Administration.