Island Federal Credit Union in Hauppauge, New York, has named Craig Booth as its new president and CEO, effective immediately.

Booth has held the role on an interim basis since former CEO Bret Sears retired in December 2023.

Booth joined the $1.5 billion-asset Island Federal in 2013 and most recently served as its executive vice president and chief operating officer.

“Craig brings a wealth of experience, leadership and dedication to his new role,” said John Adragna, board chairman.

Sears worked at Island FCU for 19 years and was its chief executive for the last 12. He oversaw the doubling of the credit union’s branches and the expansion of its products and services.

Booth has held a number of positions with Island including senior vice president of technology.

“We are excited about what the future holds under Craig’s leadership. With over 25 years of experience in the credit union industry, Craig’s career has been marked by an unwavering commitment to innovation and growth,” Adragna said.

Before joining Island FCU, Booth held positions with the West Virginia Credit Union League, the National Credit Union Administration and Fiserv. He is a graduate of the Credit Union Executive Society’s CEO Institute and also serves as director on the board of the New York State Credit Union Foundation.

Island Federal has 52,000 members that it serves with 10 branches.

The credit union lost roughly $3 million in the first three quarters of 2024 after earning $1.2 million in 2023, according to call report data from the NCUA.

“At Island Federal, our mission is to enrich the lives of our members by offering convenient financial and insurance services that go above and beyond expectations.”

 – Craig Booth
President and CEO
Island Federal Credit Union