| 
Andrea White
President and CEO, Naveo Credit Union
Age: 55
Industry experience: 37 years
Andrea White had never worked at a credit union before October, when she became president and CEO of Somerville-based Naveo Credit Union. But for White, her career in community banking – which started when she had a summer job as a teller during college – has prepared her to lead the $156 million-asset Naveo. She took over for long-time CEO Rui Domingos, who left Naveo earlier this year to become head of MIT Federal Credit Union.
Naveo was previously called the Cambridge Portuguese Credit Union, and the Portuguese community and culture remain its backbone, White said, even as the organization has expanded with a diverse membership. White most recently worked at Freedom National Bank in Rhode Island.
Q: Why did you decide to take the role at Naveo Credit Union?
A: When the opportunity presented itself, and I did some research on the credit union, it really just felt like a great fit for me. I had worked the majority of my career in community banking. The mission of saving together to lend to each other really spoke to me. The credit union has a very diverse and talented team of employees. They live the mission every day, and I just felt really fortunate to be able to have the opportunity to lead this credit union and to be able to help the community and the members – businesses and individuals – achieve their dreams and financial goals.
This has been a wonderful career opportunity for me that I’m very much looking forward to. I feel like I can bring a lot to the growth of the credit union with my leadership skills. My goal ultimately is to be able to move the credit union forward in growth and create employment opportunities for our team members through training, to be able to provide services that the community needs, to be part of that community and to do it in a financially sound manner.
Q: How have the staff reacted to having a new leader from outside the credit union industry?
A: They’ve been really, really wonderful and supportive. My goals are very much aligned with that of the credit union. I think that they feel that I’m here to move forward the goals of the credit union to help the community, to help the members. Even though I came out of banking, I came out of the community banking side. What makes me feel fulfilled in my career is the mission of the credit union. I’m not coming in here with ultimate goals to do anything different other than to further the credit union mission and to continue to help the community through financial services.
Q: What are your top priorities as leader?
A: My priorities are employee and team engagement – to work closely with the staff that we have here through training and development, being able to create opportunities for the employees within the credit union; community support and engagement – to be engaged in the community, to further the mission of Naveo in the community, to continue to help our field of membership with their financial needs; and ultimately financial growth and strength of the credit union so we can continue into the future to move forward and to continue that mission.
Q: What future plans do you have for Naveo?
A: To continue to meet the needs of our community. My plans are to expand our member business loan offerings to be able to reach that segment of our community – the small business owners – and mortgage lending and consumer lending. Also, to expand our technological offerings, whether that be through branches with technology, whether it be through being able to reach our members through technology. 2020 was definitely an interesting year where we had to be a little bit creative in how to reach those members.
Q: What are some challenges and opportunities Naveo faces as a small credit union?
A: 2020 has certainly been difficult for everybody. It’s been a balancing act of trying to continue to move forward to provide services to our members – safely and prudently – and trying to keep our employees safe at the same time. That’s been very challenging. We’re relatively small, and if we get hit with COVID, it can create a lot of issues with having a limited staff to begin with.
From an opportunities standpoint, I think the interest rate environment has been really favorable this year for members who have been able to refinance their existing mortgages. We’ve been very busy with that, and our lending team has done a tremendous job helping our members with mortgage refinances and home purchases. We also took part in the Paycheck Protection Program, and we were able to help our business members with funds through that PPP program. In the short-term, COVID’s been challenging, but we’ve had some opportunities to really help our members with their lending needs, especially small businesses.
Q: Did working with the PPP influence your plan to expand business loan offerings at Naveo?
A: I wasn’t here during the processes of those PPP loans, but I have a strong background in small business lending, in addition to being very well rounded in the financial services industry. We’re talking small ones, not large businesses, but the types of members that we have here that have a small business with borrowing needs like any other person or business.
Q: What are your thoughts on being the first female CEO at Naveo?
A: Naveo has really had a commitment to diversity in its hiring practices. Although I am the first female CEO, I am very proud to say that Naveo has a proven history of accepting and valuing the differences that a diverse workforce provides and the value that it brings to Naveo and the community. So, although I am the first female CEO, I feel that the diversity that the credit union has had a commitment to is just another part of that. I feel like I am very much a part of that inclusive culture.
White’s Five Favorite Things to Do:
- Play with her dogs
- Buy shoes
- Ski
- Ride her Peloton
- Cook
