Franklin Mint FCU’s longtime leader to retire, passing baton after period of growth.
Michael Magnavita will step down in May 2026 after nearly four decades at the Pennsylvania credit union, with the board naming Chief Operating Officer Drew Stanley as his successor.
Franklin Mint Federal Credit Union, one of Pennsylvania’s largest and fastest-growing credit unions, announced that its president and chief executive, Michael Magnavita, will retire effective May 1, 2026, ending a career that spanned nearly 40 years at the institution.
Magnavita, a certified public accountant who has served as president and chief executive for the past seven years, presided over a period of notable expansion and recognition. During his tenure, the Chadds Ford, Pa.-based credit union grew to $1.9 billion in assets, earned Forbes’ “Best in State” award for two consecutive years, and was named by American Banker as one of the “Best Credit Unions to Work For” six years in a row.
“Michael dedicated nearly 40 years to serving FMFCU members and empowering employees,” Leon Spencer, chair of the board of directors, said in a statement. “We thank him for his tremendous leadership and contributions to the Credit Union’s remarkable growth.”
The board has selected Drew Stanley, the credit union’s executive vice president and chief operating officer, to succeed Magnavita. The two executives will work closely during a transition period over the coming months.
Stanley joined Franklin Mint in 2004 and has held several senior leadership roles, including chief strategy officer beginning in 2014 and chief operating officer since 2019. He brings experience in strategic planning, operations and member-focused innovation, and holds the Certified Chief Executive designation from the Credit Union Executives Society. He also serves on the boards of the Delaware County Community College Educational Foundation and CCRES.
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“Drew is a proven leader with a deep understanding of our mission and values,” Spencer said. “His commitment to our members and employees, along with his strategic vision, make him the ideal choice to lead FMFCU into the future.”
Stanley said he was honored by the appointment. “I am excited to build upon FMFCU’s strong foundation and lead efforts to empower members in the Delaware Valley and beyond,” he said, calling the opportunity “a humbling honor.”
Magnavita expressed confidence in the transition. “It has been a tremendous honor and privilege to lead FMFCU,” he said, adding that he steps away confident the credit union “will continue to prosper” under new leadership.
The leadership change comes amid a rebound in financial performance. Franklin Mint earned $7.1 million in the first three quarters of 2025, compared with a loss of $292,000 a year earlier, according to regulatory data.
In June, the credit union also announced a merger with $315 million-asset Benchmark Federal Credit Union in West Chester, Pa., a deal expected to close in early 2026. Franklin Mint said the merger reflects shared cooperative values and positions the institution for its next chapter of growth.
“Michael dedicated nearly 40 years to serving FMFCU members and empowering employees.”
– Leon Spencer
Chair of Board of Directors
Franklin Mint FCU
