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Bangor Federal Credit Union CEO retiring

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Bangor Federal Credit Union CEO retiring (photo courtesy Bangor FCU)

BANGOR – Bangor Federal Credit Union (BFCU) is pleased to announce that Chief Executive Officer Steve Clark is retiring after 32 years serving in the position. Basil Closson, who is currently the Chief Financial Officer of BFCU, will begin serving as CEO effective April 1, 2018.

BFCU has operated under the leadership of Clark since March 10, 1986. Founded in 1956, BFCU’s mission is to provide a sound, professional, friendly, personalized, and competitive alternative resource for the financial services that meet the needs of their members.

“It’s an honor and a privilege to have worked at Bangor Federal for 32 years. I feel that I’ve had the opportunity to work with a plethora of talented and interesting people here and within our community. It’s been fun to get to know people and understand the different strengths they bring to the table, whether they’re employees, members, or volunteers,” Clark said.

Under Clark’s leadership, BFCU has seen the assets of the credit union grow from 15 million to 150 million. Clark recalled that when he started as CEO, BFCU employed 18 people, which has now grown to 48. In addition to employees, BFCU has grown from one downtown location to three full-service branches.

“In 1986, we were on the leading edge of the personal computing age. That was the beginning of automating everything related to the financial services industry,” Clark said. “Personal computers were just beginning to enter the world. No one had even thought of cell phones yet. Now think of how many of us manage our financial lives with our cell phones.”

In addition to serving Bangor Federal as CEO, Clark also served as a volunteer on the Maine Credit Union League board for nine years and as a chairman for two years.

Clark has worked closely with Closson for 23 years.

“He and I have worked closely together since 1994. He’s excelled in his role as CFO and I’m excited to welcome him to the CEO role. I look forward to helping him in any way that I can,” Clark said.

Closson, who will begin serving as CEO effective April 1, 2018, received his Bachelor of Science in Accounting from Husson College and began his credit union career as a financial regulator with the National Credit Union Administration. During his tenure with the NCUA, he was a Principal Examiner and spent time at the Region 1 Office performing quality control reviews of examination reports. In November 1994, he resigned from the NCUA to accept BFCU’s offer to be their new Chief Financial Officer.

It is a great honor to be selected by the Board to become the new President & CEO of Bangor Federal. I look forward to the challenge of maintaining the culture that Steve Clark introduced me to over 23 years ago here at Bangor Federal. Having a person like Steve as a mentor has been a wonderful gift and I personally wish him the very best in retirement,” Closson said.

While at BFCU, Closson has at times supervised Collections, Information Technology, and the Accounting Department as well as been responsible for regulatory compliance. He also currently supervises the Information Systems Manager and the Accounting Supervisor and continues to provide general oversight of the regulatory compliance function.

In addition to these duties, Closson has been directly responsible for the annual financial statement audit and all National Credit Union Association examinations. Asset-liability Management processing and analysis, as well as operational budget development and evaluation, are two critical functions he performs.

Closson is also a member of the Credit Union National Association’s CFO Council and serves on the New England Financial Executive Committee’s Steering Committee. His most recent accomplishment was being project manager of the new BFCU Venture Way branch. 


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