New CEO Taking Reins at Tower

Laurel, MD – Richard Stafford on July 1 will become CEO and President of Tower Federal Credit Union, Maryland’s largest federal credit union. Stafford succeeds Martin Breland, who is retiring from Tower after 28 years, 22 of them as CEO and President.

Stafford, who has nearly three decades of banking experience, joined Tower in October 2015 as Senior Vice President of Member Services. In January 2017, he was promoted to Executive Vice President of Member Services and selected by the Board of Directors as the incoming CEO upon Breland’s retirement.

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Rick Stafford will become CEO and President of Tower Federal Credit Union effective July 1.

Stafford said he is honored, humbled and prepared to take on the leadership role given his experience and the mentorship Breland has provided since January to effect a smooth transition. He added: “I cannot replace Martin—he is one of a kind, but I am excited to succeed him and lead this driven member service team and fiscally strong credit union into the future.” “With the support of our focused board of directors, skilled senior management and talented employees at all levels, we are looking forward to the future and continuing to adapt to the changing financial needs of Tower’s members,” said Stafford.  “We will continue to evolve and proactively prepare for future opportunities, including taking advantage of changes in technology to increase convenience, value for our members and continually enhance operational efficiencies,” said Stafford.

In addition, Rick is actively involved in making a positive change in the credit union movement by  participating in various industry associations, especially around legislative change, regulatory reform and cybersecurity.

More About Rick Stafford:

Stafford’s areas of experience include financial analysis, retail banking, operations, lending, information technology, risk management, digital banking, marketing and wealth management. He joined Tower from Peoples Bank where he was Executive Vice President of Sales and Marketing. Over the course of his career, Stafford has served as Executive Vice President of Retail Banking for Peoples Bank, Senior Vice President of Retail Banking and Chief Operating Officer for Citizens First Bank, and Interim President for Metrobank.

Stafford holds a Bachelor’s degree from Adrian College and a Master’s degree from Walsh College. He is also a graduate of the American Banking Association Graduate School of Banking at Georgetown University.