CHADDS FORD, PA — Franklin Mint Federal Credit Union is preparing for a major leadership transition as President and Chief Executive Officer Michael B. Magnavita announced plans to retire effective Friday, May 1, 2026, ending a nearly four-decade career at the member-owned financial institution.
The FMFCU Board of Directors said Magnavita’s retirement caps a period of sustained growth and national recognition for the credit union, which now holds $1.9 billion in assets. During his tenure, including the last seven years as president and CEO, FMFCU expanded its product offerings, strengthened its workplace culture, and earned Forbes’ Best in State award in back-to-back years. The organization has also been named one of American Banker’s Best Credit Unions to Work For six consecutive times.
Board Chair Leon Spencer credited Magnavita with guiding the institution through years of expansion while maintaining a strong focus on members and employees. He said Magnavita’s leadership helped position FMFCU as a leading credit union in the Delaware Valley.
To ensure continuity, the board has selected Drew Stanley, the credit union’s executive vice president and chief operating officer, to succeed Magnavita as president and CEO. The two executives will work closely over the coming months to manage the transition and preserve operational momentum.
Stanley joined FMFCU in 2004 and has held a series of senior leadership roles, including chief strategy officer beginning in 2014 and chief operating officer since 2019. His background spans strategic planning, operational management, and member-focused innovation. Stanley also serves on the boards of the Delaware County Community College Educational Foundation and CCRES and holds a Certified Chief Executive designation from the Credit Union Executives Society’s CEO Institute program.
Spencer said Stanley’s long-standing experience within the organization and alignment with its mission made him the board’s choice to lead FMFCU into its next phase.
Stanley said he intends to build on the credit union’s existing foundation while expanding its impact across the Delaware Valley and surrounding communities. He acknowledged the legacy of FMFCU’s leadership, including former CEO John D. Unangst and Magnavita, whom he will succeed.
Magnavita said he leaves the role with confidence in FMFCU’s future, citing the strength of its leadership team and the credit union’s continued commitment to members, employees, and the communities it serves.
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