A longtime leader steps down at a growing Rhode Island credit union.
After 45 years at the institution, David Suvall will retire as chief executive, handing the reins to another veteran executive as profits rise.
The leader of one of Rhode Island’s established financial cooperatives is stepping down, capping a four-decade career that tracked the institution’s expansion from a modest state-employee fund into a multi-branch regional operation.
David Suvall, the president and chief executive of Rhode Island Credit Union, will retire effective July 1, the institution announced this week. He will be succeeded by Nancy Zeppa, the credit union’s longtime executive vice president and chief operating officer, maintaining a continuity of leadership at a time of notable financial growth for the lender.
The transition comes as the Warwick-based credit union, founded in 1946 by Rhode Island state employees, navigates a shifting landscape for regional banking. While smaller financial institutions face intense competition from national commercial banks and digital fintech platforms, Rhode Island Credit Union has carved out a stable footprint in the local market. It now manages $426.8 million in assets and serves nearly 30,000 members across six branches.
Recent financial results highlight that upward trajectory. The credit union reported a net income of $143,000 for the first quarter of 2026, more than doubling the $66,000 it earned during the same period last year, according to NCUA call report data.
Suvall’s departure marks the end of an era for the institution. He arrived in 1981 as vice president and controller before taking over the top position in 2006. Under his stewardship, the credit union expanded its membership base to its current 28,000 members.
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“Serving as the President/CEO of Rhode Island Credit Union has been one of the greatest honors of my career,” Suvall said in a statement. “As I prepare to retire, I have full confidence in our leadership team and my successor, Nancy Zeppa.”
Zeppa, who takes over the chief executive role at the start of July, is an equally familiar face within the organization.
She joined the credit union in 1977 and has spent years managing its internal machinery, overseeing technical and structural changes that are increasingly vital for small lenders trying to keep pace with modern banking expectations. Her tenure includes directing several core technological conversions, managing a corporate merger, updating lending and banking platforms, and overseeing the construction of new physical branch locations.
The board’s choice of an internal veteran signals that the credit union does not intend to alter its course. The institution stated that its vision, strategy, and daily operations will remain unchanged, keeping its focus on its existing membership.
Zeppa acknowledged her predecessor’s “lasting contributions” and expressed gratitude for his support during the leadership transition.
“I am honored and excited to step into the role of President/CEO and thank the board of directors for its confidence and faith in me.”
– Nancy Zeppa
Incoming President and CEO
Rhode Island 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.
