WEST CHESTER, PA — Benchmark Federal Credit Union, the only federal credit union to exclusively serve Chester County, is welcoming Daniel J. Machon, Jr. as its new President and CEO.
“Dan has a proven track record of rejuvenating and refocusing community banking institutions, as well as developing and implementing technology and product innovations,” says Cristine Watrous, Chair of the Board of Directors at Benchmark Federal Credit Union. “He is a proven leader who will uphold Benchmark’s reputation for personalized, thoughtful member service as he spearheads opportunities for growth and continued success.” Machon succeeds David LaSala, who announced his retirement in September, after serving as President and CEO since 1999.
“I admire Benchmark’s personalized approach and respect its strength of membership and legacy of financial stability,” says Machon. “I look forward to shaping Benchmark’s future and building on the momentum the credit union has gained since attaining its community charter to exclusively serve Chester County.”
Headquartered in West Chester and providing financial products and services for almost 80 years, Benchmark Federal Credit Union’s new President and CEO will be at the helm of its renewed core mission to serve a growing population of members whose needs can be overlooked in today’s lending climate.
“We don’t measure people by credit scores alone. Instead, we carefully listen to their stories and take into account their individual financial situations,” Machon says. “We recognize that people’s financial needs can fluctuate and must be assessed on a personalized, case-by-case basis when they seek first mortgages, home equity, debt consolidation, continuing education loans and personal lines of credit.” Machon points to Benchmark’s in-house credit committee, which meets daily to assess the unique needs of each Benchmark member seeking a loan or line of credit.
Machon, a graduate of LaSalle University, most recently served as President and CEO of Stonebridge Bank in West Chester, where he was brought on to oversee its turnaround following the U.S. financial crisis and recession. Under Machon’s leadership, Stonebridge raised capital, and attracted investors intent on sustainability. The bank’s progress culminated in a successful sale to LINKBANCORP, Inc., based in Central Pennsylvania, in October.
Machon has also served as Chief Financial Officer and Chief Operating Officer for Colonial American Bank based in Horsham, President of Keystone Savings and Loan in Philadelphia, and Chief Financial Officer at USABancShares.com, Inc. and NOVA Financial Holdings, Inc.
Since gaining its community charter in 2015, Benchmark Federal Credit Union has become a household name in the Chester County community. Benchmark supports more than 20 community events and organizations each year, provides thousands of dollars annually in college scholarships to local students and offers a free, award-winning financial literacy curriculum in more than 60 public schools across Chester County. Benchmark is the title sponsor of West Chester’s iconic professional cycling event, the Benchmark Twilight Cycling Classic, which attracts thousands of pro racing fans to West Chester each year. Benchmark also sponsors the Toyland Division of the QVC West Chester Christmas Parade.
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