Deseret First names its next CEO.
Annalesa Vernon will take over in January after Shane London’s 14-year tenure helped nearly triple the Utah credit union’s assets.
Deseret First Credit Union will have a new chief executive in January, with Annalesa Vernon set to succeed Shane London after his 14 years at the helm helped transform the Utah institution from a $420 million credit union into one with more than $1.3 billion in assets.
Vernon, the credit union’s executive vice president and chief operating officer since 2016, will become president and chief executive officer on Jan. 4, 2027. London, who has spent 46 years with Deseret First, announced his retirement plans to the board in March.
The leadership change comes as Deseret First serves more than 88,000 members through 13 branches stretching from Logan to St. George. The credit union reported $5.7 million in earnings during the first six months of 2026, up from $4 million in the same period a year earlier, according to NCUA call report data.
Kathleen Fueston, chair of the credit union’s board, said London leaves an institution that has grown substantially while maintaining strong member satisfaction.
“Shane took the helm of a $420 million credit union and is handing over one that serves more than 88,000 members and holds $1.3 billion in assets,” Fueston said. She pointed instead to seven consecutive years of strong member satisfaction scores as the standard London established.
The succession process began after London notified the board of his plans to retire. Directors considered both internal and external candidates before selecting Vernon.
Her appointment gives Deseret First a leader with deep experience across the organization. Before becoming COO, Vernon served as vice president of enterprise risk management and vice president of finance. She is also president of Deseret First Financial Services, a credit union service organization that provides insurance services.
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Vernon earned a bachelor’s degree in accounting from the University of Utah and an MBA from Brigham Young University. She is also a graduate of Western CU Management School.
London became Deseret First’s fourth chief executive in 2012. During his tenure, the credit union nearly tripled in assets and expanded its membership nationally.
That growth was accompanied by a broad physical overhaul. Deseret First opened new branches in Provo and West Point, relocated and rebuilt its Taylorsville and Bountiful locations and renovated branches in Logan, Murray and St. George around open teller pods instead of traditional teller lines.
The credit union also points to employee and workplace recognition during London’s tenure. It has been named one of American Banker’s Best Credit Unions to Work For every year since 2015, while receiving Salt Lake Tribune Top Workplaces recognition since 2016 and USA Today Top Workplaces recognition since 2021. It has also received recognition from Newsweek and Forbes.
Deseret First established a charitable foundation to assist missionaries representing The Church of Jesus Christ of Latter-day Saints who have limited financial resources. London has also served on the boards of the Utah Credit Union Association, FUEL Solutions and Alloya Corporate FCU, among other professional and community organizations.
London will remain president and CEO through the end of 2026. He will continue serving on the boards of the credit union’s charitable foundation, Deseret First Financial Services and Alloya Corporate FCU.
Vernon said her priority will be to build on what she inherits rather than simply preserve it.
“As CEO, my focus is on building on that strong foundation while pushing us to evolve and grow to deliver even greater value to the members we serve,” she said.
Founded in 1955 as the LDS Church Office Credit Union, Deseret First has grown into a $1.3 billion institution with 230 employees and a statewide branch network. Its next chapter will begin with a leader who has spent a decade in the credit union’s senior management ranks and more than 10 years before that moving through finance and risk roles.
“Annalesa understands our members, our people, and what makes this credit union different. Deseret First is in exceptional hands.”
– Shane London
Retiring CEO
Deseret First Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
