In his current position as president and CEO of Rhode Island Credit Union, David B. Suvall is responsible for the development and execution of the credit union’s strategic objectives and goals. He provides leadership, direction and guidance for all credit union-related activities. He has been with the credit union since 1981, serving as the vice president and controller for 24 years and as president and CEO since 2005.
An active member in his community, Suvall serves on the board of directors for the Cooperative Credit Union Association, as vice chairman of Alloya Corp. Federal Credit Union, and is involved with various local civic and business organizations. He has a bachelor’s degree of science from Northeastern University in Boston.
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PBN: What does the credit union’s new Mobile Wallets program do for customers?
SUVALL: Mobile Wallets allows consumers to make secure and convenient credit and debit card purchases without having to carry or present the physical card, and the card numbers are never shared with the merchant. Millions of stores already accept Apple Pay, Samsung Pay, or Google Pay, and the number will continue to grow as retailers upgrade their payment card readers.
PBN: What are the credit union’s goals for this year?
SUVALL: Our major goal for 2019 is to complete a merger with Alliance Blackstone Valley Federal Credit Union of Pawtucket. Once the merger is complete, Alliance Blackstone Valley Federal Credit Union’s $30 million in assets and 2,800 members will be assumed by Rhode Island Credit Union. We look forward to completing the merger and combining our resources to meet the financial needs of current and future members.
PBN: What have been the big changes there since you arrived in 1981?
SUVALL: The entire banking landscape has changed dramatically over my 38 years. Our loan and deposit offerings have become more diverse to meet the financial needs of members. Technology advances have improved and increased the methods of delivering services and account access, including remote check deposit, mobile banking, online banking and Mobile Wallets. With all the changes over the decades, our commitment to members and our communities remains the same.
PBN: What are your current numbers?
SUVALL: Currently, our staff of 70 employees serves 26,000 members in five branch locations. We are a $275 million financial institution, with $245 million in deposits and $217 million in loans.
PBN: What is the primary challenge facing today’s credit unions?
SUVALL: Credit unions are often still challenged to educate consumers to understand the uniqueness and benefits of banking with a credit union. Our not-for-profit structure and motto of “people helping people” allows us to exist to serve our members and not be accountable to stockholders. This structure benefits credit union members in many ways, including lower lending rates, favorable deposit services and rates, and reduced fees.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
