MECU chief executive Fiore retiring after 3 decades at helm
SCHAUMBURG, IL (May 28, 2014) — John C. Fiore, one of the most influential figures in the credit union industry, has announced his retirement after 45 years with Motorola Employees Credit Union, 29 as president and chief executive officer.
Fiore’s retirement will be effective Aug. 29.
His successor will be Michael R. Murphy, currently MECU’s executive vice president and chief operating officer .
During Fiore’s 29 years as chief executive, the credit union’s assets have soared from $50 million to $890 million, while membership has risen more than 60 percent, to more than 38,000.
His legacy is rich, according to credit union Chairman Ann Simms: “John’s extraordinary performance and strength of character have been instrumental in building our credit union into a formidable financial institution that’s well-poised for the future. Not only has he been vital to our success, he’s been an inspirational leader who has brought out the very best in everyone around him.”
Fiore, 66, joined the credit union in the loan department in 1969, and quickly ascended the corporate ladder ― including positions as loan officer, manager of lending and branch operations, and vice president/assistant manager ― reaching the top rung in 1985. He helped expand MECU’s reach to the point at which it now has nine branch offices in four states. Its headquarters is in Schaumburg.
”It’s been my absolute privilege to serve the members of MECU and the MECU Board of Directors for these many rewarding decades,” Fiore commented. “I’m very proud to say we’ve built MECU into one of the truly exceptional credit unions in the country, with so many members who today consider MECU a highly trusted financial partner.”
Fiore’s reach has gone beyond the credit union itself. Among his most notable affiliations are directorship of the Illinois Credit Union League from 1989 to 2012, holding the chair in 1994-96; Alloya Corporate Federal Credit Union vice chair from 2011 to the present; CUNA director 1995-97; National Credit Union Foundation chair 2000-2002; Illinois Credit Union Foundation chair 1989-1991; Card Services for Credit Unions director 1997-present and its chairman 1999-2002; and Financial Service Centers Cooperative vice chair 2008-2012.
Among the prestigious awards bestowed on him are: Credit Union Executives Society Executive of the Year, 2001; CUES Hall of Fame, 2002; Credit Union House Hall of Leaders, 2011; CUES Illinois Council Executive of the Year, 1995 and 2006; and Illinois Credit Union League Hall of Fame, 2000.
Fiore will retire having catapulted MECU into the company of the top 250 credit unions in the nation in assets. It is now the seventh largest credit union in Illinois and is ranked in the top 12 percent nationally in operational efficiency. Perhaps most important of all, MECU has recorded record highs in the crucial category of member advocacy ratings ― the measure of how confident members are that the credit union acts in their best interest above all else, even company profits. On this test, MECU, under John Fiore, has achieved unparalleled success.
Fiore has been deeply committed to a number of charitable causes, including fund-raising for the Children’s Miracle Network Hospitals.
For his part, Murphy, 54, has built a distinguished career with MECU. He came to MECU in 1996 as vice president of lending and support services. He has held his current title since 1998. In that capacity he has led all of MECU’s operations, lending, marketing, as well as its information technology and investment advisor units.
His achievements at MECU include introducing the focus on member advocacy. He not only brought the concept to MECU, he gave it life at every possible member touch point. It has become a guidepost through virtually every transaction between the credit union and its members.
In addition, under Murphy’s stewardship, the credit union has delivered greater value to members, resulting in their making better and more frequent use of the credit union’s services — and evidenced by both the average loans per member and average deposits per member quadrupling during Murphy’s time at MECU.
“Mike has demonstrated exceptional foresight and leadership in his time here,” said Fiore, “and I couldn’t be more confident in his ability to move MECU forward in a constantly changing business environment.”
Murphy will assume his new position Sept. 1.
Motorola Employees Credit Union is a financial institution headquartered outside of Chicago, Ill. Founded in 1939, MECU provides savings, checking, loan and investment products through mobile banking, online banking, 80,000 surcharge-free ATMs and 6,800 shared branches. With nearly 39,000 members, MECU’s core principle of “Putting you first” reflects an unwavering commitment to demonstrate uncommon courtesy, respect and integrity in each interaction with every member.