CHADDS FORD, PA – December 16, 2025 – Franklin Mint Federal Credit Union’s (FMFCU) Board of Directors announced today Michael B. Magnavita, CPA, President/CEO, will retire effective May 1, 2026. Under Magnavita’s leadership, the last seven as President/CEO, FMFCU has continued to grow and expand products and services, reaching $1.9 billion in assets and receiving Forbes’ “Best in State” award two years running and American Banker’s “Best Credit Union to Work For” six years in a row.
“Michael dedicated nearly 40 years to serving FMFCU members and empowering employees,” said Leon Spencer, Chair of the Board of Directors. “We thank him for his tremendous leadership and contributions to the Credit Union’s remarkable growth.”
FMFCU’s Board of Directors has selected Executive Vice President/Chief Operating Officer, Drew Stanley to succeed Magnavita as President/CEO. They will work closely over the next few months to maintain momentum and ensure a smooth transition.
Stanley, who joined FMFCU in 2004, served as Chief Strategy Officer starting in 2014 and moved into his current role as Chief Operating Officer in 2019. Stanley brings a wealth of experience in strategic planning, operational excellence, and member-focused innovation. He serves on the boards of Delaware County Community College Educational Foundation and CCRES. Stanley earned his Certified Chief Executive (CCE) designation through Credit Union Executives Society’s CEO Institute program.
“Drew is a proven leader with a deep understanding of our mission and values,” said Leon Spencer, Chair of the Board of Directors. “His commitment to our members and employees, along with his strategic vision, make him the ideal choice to lead FMFCU into the future.”
Stanley expressed his appreciation for the opportunity, stating, “I am excited to build upon FMFCU’s strong foundation and lead efforts to empower members in the Delaware Valley and beyond. It is a humbling honor to be chosen by the Board to follow in the footsteps of prior CEO, John D. Unangst and current CEO, Michael B. Magnavita.”
Magnavita added, “It has been a tremendous honor and privilege to lead FMFCU, serving our members, communities, dedicated volunteers and employees. I step away with great confidence that under Drew’s leadership, the Credit Union and its members will continue to prosper.”
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ABOUT FRANKLIN MINT FEDERAL CREDIT UNION
Franklin Mint Federal Credit Union has provided financial products and services to its members in the greater Philadelphia region and beyond since 1970. FMFCU ranks eighth in asset size in Pennsylvania among credit unions and is the largest financial institution headquartered in Delaware County, Pennsylvania. FMFCU has 148,000 members, 6,000 partner organizations, and branches located throughout the Delaware Valley.
Contact Information:
Franklin Mint Federal Credit Union
Michael Bunner, VP, Director of Marketing
610-608-6167
mikeb@fmfcu.org