The credit union said longtime leader Dwayne Naylor will step down in January as Dave D’Annunzio prepares to assume the role amid recent operational challenges and a major merger.

Civic Credit Union announced on Tuesday that its chief executive, Dwayne Naylor, will retire on January 16, concluding more than four decades of work on behalf of North Carolina’s cooperative financial institutions. 

The credit union’s board has selected Dave D’Annunzio, currently the chief financial officer, to succeed him.

Naylor, who joined the organization in 2009, helped create Civic Credit Union, which received its charter in 2017. Under his leadership, Civic adopted a digital-first banking model and established a mission centered on serving the state’s local government employees — a focus the credit union says remains central to its identity.

He also oversaw Civic’s most consequential undertaking: its merger with Local Government Federal Credit Union, a combination that created an independent, unified institution operating on Civic’s platform. 

The merger required the conversion of more than 400,000 member accounts from the systems of State Employees’ Credit Union, LGFCU’s longtime partner, marking the first time since 1983 that the former LGFCU operated outside SECU’s infrastructure.

“We are deeply grateful to Dwayne for his exceptional leadership, vision, and commitment to strengthening financial services for local government employees and the communities they serve,” said Dr. Aaron Noble, chair of Civic’s board of directors. “His legacy includes transformative achievements that position Civic for continued growth and success in the years ahead.”

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Naylor said he was grateful for the support of members, employees and partners over the course of his career. “Serving this organization and the credit union that preceded it has been the honor of my professional career,” he said. “Together, we have made history — expanding opportunity, broadening access, and ensuring that our credit union values continue to uplift people across North Carolina.”

He added that he plans to complete his Ph.D. dissertation and write about his research after retiring.

D’Annunzio, who will take over as chief executive upon Naylor’s departure, said he was “deeply grateful” for his predecessor’s guidance. “Dwayne leaves an incredible foundation for Civic to build upon,” he said.

The leadership transition comes during a turbulent period for Civic. 

In its first months as an independent $4 billion-asset institution following the merger, the credit union faced roughly 500,000 member complaints over account issues, long call-center wait times, and delays in distributing new debit and credit cards. Some members also reported unexplained declines in their credit scores. 

Membership fell to 366,134 as of Sept. 30, down from 413,162 a year earlier, and the institution reported a loss of more than $75 million at the end of the third quarter, compared with earnings of $3.6 million for the same period in 2024, according to NCUA call report data.

Total assets fell from $4.1 billion to $3.5 billion during the same period.

Even as it manages these challenges, Civic said Naylor and D’Annunzio will work closely through the transition to maintain progress on its strategic goals.

“I am honored to take on this responsibility and remain focused on listening to our members, delivering innovative financial solutions…and supporting our credit union team.”

– Dave D’Annunzio
Incoming CEO
Civic Credit Union