America First CEO to retire after 38 years.
Thayne Shaffer, who became chief executive in 2021, will step down in March as the Utah credit union prepares for its next phase after a year of mergers and membership growth.
Thayne Shaffer, the chief executive of America First Credit Union, plans to retire in March 2027 after 38 years with the Utah institution, which has grown to nearly $26 billion in assets and more than 1.5 million members.
The credit union’s board has selected Missy Key, its executive vice president and chief financial officer, to succeed Shaffer as president and chief executive effective March 1, 2027. Key, who has spent her entire 38-year career at America First, will become the sixth chief executive in the credit union’s history.
Shaffer became CEO in 2021. During his tenure, America First recorded record asset and membership growth, completed three mergers and acquisitions, weathered a pandemic and recession, and launched a new digital banking system, according to the credit union.
“Thayne’s achievements as CEO speak for themselves, but his impact extends far beyond numbers,” said Linda Carver, chair of America First’s board of directors. She credited Shaffer with leading with humility, transparency and a focus on members.
Shaffer’s retirement comes after a milestone year for the Riverdale, Utah-based credit union, which completed mergers with Meadows Bank and Greater Nevada Credit Union. The institution said its membership has grown to nearly 1.7 million.
America First reported $223 million in earnings in the first six months of 2026, up from $155.2 million in the same period a year earlier, according to National Credit Union Administration call report data. The credit union had 1,588,687 members in its most recent reported figures.
“America First has tremendous momentum, and Missy will carry forward that legacy of service and success,” Shaffer said. “It has been an honor to work with her and so many other talented people at America First.”
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Key has held leadership roles in accounting and finance and, as CFO, has helped shape the credit union’s financial position and strategic direction. Carver said Key’s decades of experience had prepared her to lead the institution.
“Missy is a strong, insightful and decisive executive who leads with vision and compassion,” Carver said. “Her 38 years of service at America First have prepared her well for this moment, and our members, employees and community partners are in good hands.”
Key said she was grateful for Shaffer’s leadership and looked forward to working with the board and employees to build on the credit union’s focus on members and the communities it serves.
“I am honored and excited by this opportunity,” Key said.
The leadership change will place a longtime insider at the helm of one of the nation’s largest credit unions as America First moves forward following its recent mergers.
“Missy is a strong, insightful and decisive executive who leads with vision and compassion.”
Linda Carver
Board Chair
America 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.
