Banking

New leadership in place as CEO of Somerset Federal Credit Union retires

Somerset Federal Credit Union in Somerset, Mass., named Joseph Lajoie president and CEO following the retirement of Pamela Mello.

Joseph Lajoie, president and CEO of Somerset Federal Credit Union

Mello was placed in charge in 2015 and in her time at the helm oversaw a rebranding effort and growth strategies that brought the credit union to more than $177 million today. Before joining SFCU, Mello spent more than two decades at McCoy FCU in Orlando, serving in senior risk-management positions and eventually being named vice president of operations and risk management.

Lajoie took over at Somerset FCU last month, having most recently served as executive vice president and chief risk officer at Greenwood Credit Union in Warwick, R.I., where he had worked since 2007.

“This is an exciting opportunity for me to lead a long-standing institution with a reputation for providing exemplary service to its members,” Lajoie said in a notice on the Somerset FCU website. “With the support of SFCU’s members, employees and board of directors, I look forward to building on Pamela’s success with introducing innovative products and leading the credit union to even higher achievements in providing banking solutions to our members.”

The credit union earned nearly $459,000 last year, according to call report data from the National Credit Union Administration, a 45% decline from 2019, driven in part by rising expenses, a slowdown in lending and reduced noninterest income.



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