Allegacy FCU bolsters govt workforce


Allegacy Federal Credit score Union in Winston-Salem, N.C., has named Michelle Salvadore its new chief monetary officer.

Michelle Salvadore, chief financial officer at Allegacy FCU

Michelle Salvadore, chief monetary officer at Allegacy FCU

A 24-year veteran of the $1.8 billion-asset credit score union, she succeeds Cosby Davis, who lately took over as CFO of nearby Truliant FCU.

Salvadore most lately served as interim CFO following Davis’s departure, in addition to senior vice chairman of finance, accounting and enterprise danger administration. In additional than twenty years at Allegacy she has served in quite a lot of roles, together with assistant controller, inner auditor and extra.

“Michelle is a confirmed monetary chief with a broad understanding of credit score union rules, operations, inner controls and danger administration,” Cathy Tempo, Allegacy’s president and CEO, stated in a press launch. “She has been an instrumental member of the Allegacy finance workforce taking part in an integral position in our success all through the years. Her work as CFO shall be very important to sustaining Allegacy’s monetary integrity and supply us quite a few alternatives for continued progress.”

Timothy Moore, president of Allegacy Services

Timothy Moore, president of Allegacy Companies

Timothy Moore was additionally appointed president of Allegacy Companies, LLC, a for-profit arm of the credit score union that features divisions associated to payroll, advantages, fraud and extra. He’ll oversee strategic planning and imaginative and prescient for the group whereas increasing new initiatives and entrepreneurial improvement inside the firm, Allegacy stated within the launch.

“Tim has been a constant voice urging Allegacy to search out methods to develop and improve our member companies,” stated Tempo. “His background in enterprise and his business information coupled together with his entrepreneurial spirit will add to progress and innovation at Allegacy Companies and its subsidiaries. Tim’s affect will positively have an effect on the credit score union by permitting us to additional construct upon our core strengths whereas reaching Allegacy’s monetary targets.”

Moore has a authorized background and joined the credit score union’s workforce in 2016 as its first basic counsel. Late in 2019 he started overseeing inner auditing and governmental affairs.

Allegacy earned $11 million in 2020, down from practically $15 million the yr earlier than as mortgage earnings contracted and bills rose.