Boston-based credit union names insider as new CEO.
The leadership transition comes as longtime chief Terry Dorilas retires after more than a decade guiding the South Boston institution.
Mass Bay Credit Union, a community lender based in South Boston, Massachusetts, has appointed Kelli Cullen as its next chief executive.
Cullen, who has spent the past six years with the $362 million-asset credit union, will assume the role on April 28. She succeeds Terry Dorilas, who is retiring after 13 years leading the company.
The transition places a longtime insider at the helm of a credit union that has expanded modestly in recent years. Mass Bay reported net income of $2.1 million last year, up from $1.7 million in 2024, and serves 17,626 members, according to NCUA call report data.
In announcing the move, the credit union’s board emphasized continuity while signaling a need to adapt to a more competitive landscape.
“We are so appreciative of all Terry Dorilas has done to bring the Credit Union forward, keep it safe and sound, and prepare us for the future,” said Jeremiah Ahearn, chairman of the board. “As she begins her planned retirement, she will pass the baton to our COO, Kelli Cullen, who has a 6-year history with the Credit Union, understands our market position, and is eager to impart new ideas that will help us to grow and sustain what has been built.”
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He added that the board sees Cullen as well positioned to guide the organization as the industry evolves. “As the financial services space changes and competition from fintechs and others is at our doorstep, the Board is certain that Kelli has the knowledge and enthusiasm to take our team forward,” Ahearn said.
Cullen steps into the role with more than two decades of experience in banking and credit unions. She most recently served as chief operating officer at Mass Bay and has held senior management roles across several institutions. Her background includes time as chief financial officer at Clark County Credit Union in Nevada, along with positions at GFA Credit Union, St. Mary’s Credit Union and Bay State Savings Bank.
She also completed the Credit Union Executive Society’s three-year CEO Institute program, a training track often seen as preparation for top leadership roles within the industry.
Dorilas’s tenure spanned a period of gradual change for many smaller credit unions, which have faced pressure from rising technology costs, regulatory demands and competition from larger banks and digital-first financial firms. Under her leadership, Mass Bay maintained steady earnings and remained focused on its local membership base.
The board’s decision to elevate Cullen reflects a broader trend among community financial institutions to promote from within, particularly when navigating a mix of operational continuity and strategic change.
Mass Bay’s footprint remains concentrated in the Boston area, where credit unions continue to compete for deposits and loans in a crowded market that includes regional banks, national lenders and a growing number of financial technology firms.
“As the financial services space changes and competition from fintechs and others is at our doorstep, the Board is certain that Kelli has the knowledge and enthusiasm to take our team forward.”
– Jeremiah Ahearn
Chairman of the Board
Mass Bay 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.
