First Source Federal Credit Union shifts leadership roles

NEW HARTFORD, N.Y. — The board of directors of First Source Federal Credit Union has announced two promotions on its senior executive-leadership team as part of its five-year plan.

Effective Jan. 1, 2017, current president and CEO Mike Parsons will move into a “long-term, strategic-planning role” to include developing “new strategies for the future success” of the credit union, the nonprofit said in a news release.

Parsons will retain the title of CEO in his new role.

At the same time, Parsons will also serve as chief strategist, membership & community-relations ambassador, and continue as First Source’s chief political advocate in Albany and Washington.

Tom Neumann, who currently serves as executive VP and COO, will assume the role of president and COO of First Source Federal Credit Union.

Neumann will be responsible for all internal operations, and the overall financial performance of the credit union.

He will report directly to the board of directors and continue to work closely with the CEO on long-term strategic issues.

“This announcement is a logical part of our succession planning process.” Robert Jubenville, chairman of the First Source board of directors, said in the release. “This helps us prepare for the future, and ensure First Source continues our fine tradition of taking exceptionally good care of our members and staff, as well as being a good corporate citizen by giving back to the communities we serve.”

Parsons has worked at First Source for 23 years, including 16 years as president and CEO, and “steered the credit union through tremendous growth.”

Initiatives under his management have included expanding the branch network and virtual delivery channels and “promoting a culture of community giveback.”

“I’m very pleased with the new direction set by the board of directors, as it will afford me the opportunity to make a long-term lasting impact on the future of First Source Federal Credit Union,” Parsons said in the release. “Tom [Neumann] and I have worked together for more than 22 years, and I could not be happier for him as he formally assumes the president/COO role. I have every confidence in his ability, and I know that Tom will be successful in his new role of steering the internal operations of First Source.”

Neumann expressed his gratitude to both the First Source board of directors and to Parsons.

“I’d like to thank the board of directors for the confidence they’ve placed in me in this new role, and I pledge to maintain and nurture the remarkable culture for our members and staff that Mike has worked so hard to develop over the years,” Neumann said in the release.

New Hartford–based First Source Federal Credit Union First Source, which started in 1938, serves more than 40,000 members throughout Central New York, with branches in New Hartford, South Utica, North Utica, Herkimer, and Rome.

Contact Reinhardt at ereinhardt@cnybj.com