Serves CU Movement for nearly 46 years
(Chambersburg, PA) Effective January 1, 2016, President and CEO Peggy J. Bosma-LaMascus has retired following a 34-year career at Patriot Federal Credit Union.
LEADING PATRIOT FOR 34 YEARS
Bosma-LaMascus joined Letterkenny Federal Credit Union, the predecessor to Patriot, in 1982. At the time she took the helm, the credit union had $26 million in assets and 29 employees, serving 14,250 members from 3 branch locations.
Under Peggy’s stewardship, the credit union has grown to over $520 million in assets serving more than 51,000 members in Franklin and Fulton County (PA), the Borough of Shippensburg, and Washington County (MD) through 8 branch locations including a student branch at the Chambersburg Area Senior High School. During this time, she has made Patriot a premier credit union in Pennsylvania and the nation, joining the ranks of the top 5% of all credit unions in the country by assets, remarkable growth born out of a dedication to the membership while demonstrating her leadership at the local and national level.
“It’s been a wonderful career and an opportunity to help people,” said Bosma-LaMascus. “Forty-six years ago, it was very difficult for the average person to get financing for anything. I recognized that credit unions were the best way to help people with their financial needs. Having a positive impact on peoples’ lives and their families was, and still is, important to me. I fell in love with the credit union philosophy of ‘Not for profit, Not for Charity, But for Service’.”
“The accomplishments of our employees, our executive leadership team and our board of directors, make me extremely proud,” she added. “I’m so thankful for their support, dedication and hard work, as well as the pride they take in serving our members. It’s a blessing to me to lead such a tremendous team.”
EXPANDED SERVICES – PATRIOT NAME CHANGE
Peggy was a visionary in the credit union movement, implementing processes and programs to improve mortgages, indirect lending and wealth management for members that were unique to credit unions and on the leading edge. In addition, her focus on member service and convenience led the credit union to be an early adopter for innovations like telephone banking, online banking, SMART ATMs, online bill pay, mobile banking and, most recently, Interactive Teller Machines (ITMs).
Her efforts in the 1990’s with the Department of Defense’s Base Closure and Realignment Commission (BRAC) saved jobs at Letterkenny Army Depot. In 1995 following the BRAC realignment, the credit union changed its name to Patriot Federal Credit Union, which Peggy felt was a fitting tribute to the Letterkenny Army Depot’s unique tactical missile repair capabilities for the MIM-104 Patriot missile and its ground support and radar equipment.
With a passion for community service, Peggy served on several community boards and organizations including the Greater Chambersburg Area Chamber of Commerce, Downtown Chambersburg, and Chambersburg United Way. She also currently serves on the board of directors of the Franklin County Area Development Corporation (FCADC). In 2006, she was recognized as the Greater Chambersburg Area Chamber of Commerce Businessperson of the Year. Dave Sciamanna, Vice President for the Greater Chambersburg Chamber of Commerce noted “Peggy has been an important business and community leader for over 30 years. She has grown Patriot from a small credit union to a regional powerhouse which has impacted both individuals as well as our community”.
In addition to her community activism, she played an integral role in the advocacy and advancement of the credit union movement serving on numerous credit union movement committees, councils, task forces and boards at the state and federal level. Some highlights include: Pennsylvania Credit Union Association Board of Directors (1987 – 2001) and was awarded the 2010 William Pratt Lifetime Achievement Award for Credit Union Professional of the Year; Credit Union National Association Board of Directors (1993-97); Filene Research Institute (1989-96); and was a member of the first Republican Women Leaders Forum held in Washington, DC in 1998. Earlier this year, she testified at a hearing of the House Financial Services Committee on behalf of the National Association of Federal Credit Unions (NAFCU) on the need for regulatory relief for credit unions.
Dennis Coons, Board Chairman of Patriot, remarked, ““She’s a true credit union leader and epitomizes the credit union philosophy of ‘people helping people’,” he added. “On behalf of the Board of Directors, I thank her for her unwavering commitment to the success and growth of Patriot, and the legacy she is leaving not only with our credit union, but in the credit union movement and our local community.”
INTERIM CEO NAMED
Coons announced that Brad R. Warner, the credit union’s Chief Strategy and Marketing Officer, was named interim President and CEO.
Patriot Federal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Patriot was chartered in 1965 to serve the employees of the Letterkenny Army Depot with the mission of fostering the credit union philosophy of “people helping people”. Membership is open to anyone who lives, attends school, works, worships, or regularly conducts business in Franklin or Fulton County, Pennsylvania, or the Borough of Shippensburg, Pennsylvania as well as everyone in Washington County, Maryland. The credit union, which has been recognized as a Bauer Financial 5-Star Credit Union for over 90 consecutive quarters, also provides 19 ATMs and online services at www.patriotfcu.org.
- Began career in the credit union industry at WESTVASAMCO Federal Credit Union in West Virginia on March 19, 1970.
- Joined Letterkenny Federal Credit Union in 1982.
- Served 14 years on the Pennsylvania Credit Union Association (PCUA) Board of Directors where she was a member of various committees, including the Governmental Affairs Committee and PAC Trustees, of which she chaired for many years.
- Named the William W. Pratt Lifetime Achievement Award for the 2010 Credit Union Professional of the Year by the Pennsylvania Credit Union Association (PCUA) recognizing the state’s top credit union professional.
- Served 4 years on the Credit Union National Association (CUNA) Board of Directors; member of the CUNA Environmental Scan Team.
- Served 7 years on the Filene Research Institute Development Committee.
- A member of the Credit Union Executives Society (CUES), she was recognized with the 2011 Chairman’s Honor Roll, 2009 Chairman’s Circle, and 2006 Chairman’s Club.
- Chaired the LEAD Coalition to save Letterkenny Army Depot in the 1990s during the Department of Defense’s Base Realignment and Closure Commission (BRAC) considerations.
- Actively involved in grassroots political advocacy and was a member of the first Republican Women Leaders Forum in 1998, held in Washington, D.C.
- Testified at hearing of House Financial Services Committee on regulatory relief on behalf of the National Association of Federal Credit Unions (NAFCU) in 2015.
- Former member of the Rotary Club of Chambersburg, board member for the Greater Chambersburg Area Chamber of Commerce, Downtown Chambersburg board of directors, and campaign leader for the Chambersburg United Way.
- Honored as the Greater Chambersburg Chamber of Commerce Businessperson of the year in 1996.
- Recipient of the ATHENA Leadership Award by the Chambersburg Area Chamber of Commerce for exemplary professional, community and personal leadership and those who actively assist women in reaching their full leadership potential.
- Presently serving on the Franklin County Area Development Corporation (FCADC) board of directors.