Del-One FCU names McCarthy interim CEO

December 28, 2023 20

Dan McCarthy | PHOTO COURTESY OF DEL-ONE FCU

DOVER — Del-One Federal Credit Union, the largest credit union in the state, has changed up its leadership heading into the new year.

The Del-One Board of Directors named Daniel McCarthy as its interim president and CEO, as its former leader Ron Baron is no longer with the institution as of Dec. 4. Baron had served as Del-One’s leader since 2019.

Baron has recently been named treasurer for the Springboard Collaborative, a nonprofit focused on ending chronic homelessness in Delaware that opened the pallet village in Georgetown. He had worked closely with the nonprofit while at the helm of Del-One, signing a memorandum of understanding on the Pallet Village project to provide ATM service and financial literacy programs to residents.

The Del-One board will evaluate all its options to fill the position permanently and make the right decision for the long term benefit of Del-One’s members and teammates, according to credit union officials. McCarthy’s appointment follows a succession plan developed by the board years in advance.

“Del-One will continue our mission of being the easiest place to work with for our members. Del-One has a 63-year track record of standing out for our commitment to our members and community, being a fulfilling workplace for our teammates, and providing top-tier products and services.,” Del-One Board Chair Steve Smith said in a statement. “We look forward to Dan and his team building on that great foundation and taking Del-One to the next level.”

McCarthy has a history of working in key management positions, holding roles in human resources at The Ingerman Group and the Buccini/Pollin Group. He joined Del-One as its chief human resource officer in 2019 and was promoted to chief administrative office the following year.

“I’m based in central Delaware, and what I was searching for was a community-based organization at the time. Compared to other financial services out there, federal credit unions are more focused on its members and not shareholders,” McCarthy said. “That idea of community-based services really called out to me.”

Credit unions operate like commercial banks, but are member-owned nonprofits that return earnings to customers through their products, including lower loan rates, higher deposit rates and sometimes lower and fewer fees.

As interim president and CEO, McCarthy will handle the responsibilities of Del-One’s industry leading services such as its smartphone app for members as well as investing in 15 live teller machines during the height of the COVID-19 pandemic. The federal credit union also focused on its core technology to augment online and mobile banking.

Founded in 1960 as Delaware Highway Federal Credit Union, Del-One FCU is now the largest credit union in Delaware. It serves more than 80,000 members and handles more than $657 million in assets.

McCarthy pointed to the recent investments in digital service, such as the recent announcement with Shastic, an artificial intelligence and cloud-based system to boost loan funding speed by contacting applicants and transferring data, as new ways to leverage technology to assist its staff and employees. That said, Del-One is on track to open its 12th branch in Lewes in 2024.

“We do believe Del-One has a unique space in the community, and new opportunities and tools will be evaluated as the best way to serve our members,” McCarthy added.