NEFCU elevates John Deieso to CEO

Retiring CEO Ed Paternostro held top post since 1986

WESTBURY, NY (December 21, 2018) — After 32 years at the helm of NEFCU, Edward Paternostro will step down as president and chief executive officer January 2 when he hands the leadership reins to the current executive vice president and chief operating officer, John Deieso, it was announced today by the board of directors of the Westbury based federal credit union.

Deieso, 50,started with the credit union in 1992, and has worked in virtually all departments, from branch operations to information technology over the past 26 years.

In retiring, Paternostro leaves behind an impressive legacy of growth and stability.  He was instrumental in turning this once quiet credit union into a 190,000-member banking institution that has commanded increasing attention throughout the region for its success and value to its membership.

Paternostro took NEFCU from a small credit union with just two branches, 42 employees and $100 million in assets to a thriving credit union that now boasts 19 branches, 406 employees and assets in excess of $3 billion.  Heintroduced the delivery of multiple products and services and supported the expansion of the NEFCU branch network, a network that is currently being revamped to feature smaller, sleeker and more digitally-driven locations.

“After Ed indicated he was looking to retire by year’s end, we undertook a national search to find a successor who could successfully build on his foundation and vision.  As the search expanded, it became increasingly clear that the answer was always right down the hall.  John Deieso is a strategic, operational, technical and financial expert well- poised to build on our vision of NEFCU.  He is a dynamic and well-respected leader who can advance us along an exciting and trailblazing path.  No one knows NEFCU like John does and he has the full support of our board and our NEFCU team,” said George Plevretes, chairman of NEFCU’s board of directors.

Deieso plans to build upon the framework and strength of the organization to expand its reach and appeal to members, notably in the form of technology and innovation. In October, the independent research firm Callahan & Associates ranked NEFCU the highest performing credit union in New York State for providing the most value to its members, a testament to NEFCU’s commitment to enhancing the member experience. Deieso considers member value and giveback to be vital to the continuing mission of NEFCU.

“NEFCU has undergone seismic changes and, today, is known throughout the industry for its management and deep commitmentto members – all of which can be attributed to Ed’s leadership,” said Deieso.“His legacy will be one marked by strong and sustained growth, an internal culture of collaboration and goodwill, and groundbreaking products and services that always put the member first.  I’m honored to continue the path he has set and wish him every happiness in his retirement.”

“I’ve had the pleasure of working side-by-side with John for the past 26 years and much of the credit of the credit union’s success can be tied to his tremendous leadership skills, his unmatched knowledge of NEFCU and his ability to think well beyond today,” said Paternostro.  “The sadness I’ll have in saying good-bye will be replaced by the pride I’ll have in watching John lead this great  institution.”

About NEFCU (NY)

NEFCU is one of Long Island’s leading credit unions that proudly offers its affordable banking services to all Long Islanders. With more than $3 billion in assets and over 190,000 members, NEFCU has branches and a shared branch network throughout Nassau and Suffolk counties. To join NEFCU, eligible members must live, work, attend school, or regularly conduct business in Nassau and/or Suffolk counties (excluding the townships of East Hampton, Southampton and Shelter Island). Existing NEFCU members may also sponsor immediate family members or household members. For more information, visit, call 516-561-0030 or find us on Facebook at


Bill Smith
Chief Marketing and Retail Officer
802.879.8705 |

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