Hanscom Federal Credit Union in Bedford, Massachusetts, has chosen Peter Rice as its new president and CEO.
Rice, who until recently was senior vice president and director of banking at the Workers Credit Union, succeeds David Sprague, who announced his retirement in December.
Sprague led the $1.8 billion asset organization for 25 years. He will remain on the board, filling a vacant position, the credit union said in a news release Thursday. Rice becomes the fifth president and CEO in the credit union‘s 68-year history.
“Peter’s years of senior-level banking experience, sharp mind and forward-thinking ideas are the perfect fit for the vision of where we want to be in the years to come,” said the Chairman of the Board of Directors of Hanscom FCU, John Delcore. in the press release.
Rice has nearly 20 years of experience in the financial services industry and has held various leadership positions. At Workers, he was responsible for developing, implementing and leading a relationship/financial wellness strategy for members across key lines of business.
“This is a credit union that is member-driven rather than transaction-driven,” Rice said in the press release. “With Hanscom, there is a commitment from top management down to educate [and] give members the tools, products and resources that put them in the best position for financial success.
Hanscom FCU earned nearly $14 million in 2021, a 62% increase over the previous year, according to data from the National Credit Union Administration’s appeal report.