Franklin Mint FCU's Torch Passes: Stanley to Helm $1.9B Credit Union

CHADDS FORD, PA – December 17, 2025 – Franklin Mint Federal Credit Union (FMFCU), a cornerstone of the Delaware Valley financial community, has announced a pivotal leadership transition. After a distinguished career spanning nearly four decades, President and CEO Michael B. Magnavita will retire on May 1, 2026. The Board of Directors has appointed Drew Stanley, the current Executive Vice President and Chief Operating Officer, to succeed him, ensuring a seamless continuation of leadership for the rapidly growing institution.

The transition marks the end of an era defined by significant expansion and national recognition, and the beginning of a new chapter guided by a seasoned internal leader poised to navigate the evolving financial landscape.

A Legacy of Unprecedented Growth

Michael B. Magnavita’s tenure at FMFCU is a story of profound dedication and transformative growth. Joining the credit union in 1987 as Assistant Vice President and Controller, he ascended through the ranks, serving as Executive Vice President and Chief Financial Officer from 1993 until his appointment as President and CEO in April 2018.

In his seven years at the helm, Magnavita presided over a period of remarkable expansion. When he took the CEO position, FMFCU was a $1 billion institution. Under his leadership, its assets nearly doubled, reaching an impressive $1.9 billion. This financial growth was matched by an expansion in its community reach; membership surged from 85,000 to 148,000, and its network of partner organizations grew from 2,500 to over 6,000.

"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."

Beyond the balance sheet, Magnavita’s leadership cemented FMFCU's reputation as a premier institution for both members and employees. The credit union earned Forbes' prestigious "Best in State" award for two consecutive years and was recognized by American Banker as a "Best Credit Union to Work For" for an impressive six years running. These accolades reflect a deep-seated commitment to member satisfaction and a thriving internal culture.

Magnavita, a CPA and graduate of La Salle University, also extended his leadership into the community, serving on the boards of the Good Fellowship Ambulance & EMS Training Institute and White Horse Village.

"It has been a tremendous honor and privilege to lead FMFCU, serving our members, communities, dedicated volunteers and employees," Magnavita stated. "I step away with great confidence that under Drew's leadership, the Credit Union and its members will continue to prosper."

A Proven Successor from Within

In selecting Drew Stanley, the FMFCU Board of Directors has signaled a strong vote of confidence in its internal leadership pipeline and a commitment to strategic continuity. Stanley is no newcomer to the organization, having joined in 2004 and steadily risen to pivotal executive roles.

His journey includes serving as Chief Strategy Officer beginning in 2014, where he was instrumental in shaping the credit union's long-term vision. In 2019, he was promoted to Executive Vice President and Chief Operating Officer, gaining deep, hands-on experience in managing the institution's daily functions and operational excellence. This combination of strategic foresight and operational expertise makes him uniquely qualified to take the helm.

"Drew is a proven leader with a deep understanding of our mission and values," commented Board Chair Leon Spencer. "His commitment to our members and employees, along with his strategic vision, make him the ideal choice to lead FMFCU into the future."

Stanley’s credentials include a Certified Chief Executive (CCE) designation from the esteemed Credit Union Executives Society's CEO Institute. His commitment to the region is further demonstrated by his board service for the Delaware County Community College Educational Foundation, where he chairs the Finance Committee, and CCRES, an organization providing educational and behavioral health services.

Expressing his gratitude, Stanley said, "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."

Charting a Course Through a Dynamic Financial Landscape

As incoming CEO, Drew Stanley will inherit an institution in a position of strength. As the largest financial institution headquartered in Delaware County and the eighth-largest credit union by assets in Pennsylvania, FMFCU is a dominant regional player. However, the financial industry is in constant flux, and Stanley's strategic acumen will be critical in navigating the challenges and opportunities ahead.

The regional market is highly competitive, with established credit unions and large banks vying for market share. Furthermore, the entire sector is grappling with a shifting interest rate environment, which impacts everything from mortgage lending to deposit strategies. Evolving consumer behaviors, such as the rise of "Buy Now, Pay Later" services, and the distinct financial habits of younger generations like Gen Z, demand constant innovation and adaptation.

Digital transformation remains a key battleground. To maintain its competitive edge, FMFCU must continue enhancing its digital services to provide the seamless online and mobile experiences that modern consumers expect. Stanley's background as Chief Strategy Officer and COO positions him perfectly to lead this charge, balancing technological advancement with the personalized member service that is the hallmark of the credit union model.

The Blueprint for a Member-First Culture

Perhaps the most significant asset Stanley inherits is FMFCU's award-winning organizational culture. The consistent recognition as a "Best Credit Union to Work For" by American Banker is more than just a plaque on the wall; it is a data-driven indicator of institutional health. The award's methodology is heavily weighted—approximately 75%—on a confidential employee survey measuring engagement, leadership, and overall satisfaction.

This focus on employee well-being, demonstrated through benefits like employer-sponsored care assistance, volunteer days, and unique wellness clinics, translates directly into superior member service. This is corroborated by the Forbes "Best in State" award, which is based primarily on direct consumer feedback. For that award, 80% of the score comes from surveys where members rate their credit union on crucial factors like trustworthiness, quality of financial advice, and customer service.

This virtuous cycle—a supported and engaged workforce delivering exceptional member experiences—is the core of the credit union philosophy. The smooth, internal succession from Magnavita to Stanley further exemplifies this stability. By promoting a leader who has been integral to the institution's strategy and operations for years, FMFCU ensures its mission and member-first ethos will remain the central focus as it embarks on its next chapter of service to the Delaware Valley.