Banking

Allegacy FCU bolsters executive team

Allegacy Federal Credit Union in Winston-Salem, N.C., has named Michelle Salvadore its new chief financial officer.

Michelle Salvadore, chief financial officer at Allegacy FCU

A 24-year veteran of the $1.8 billion-asset credit union, she succeeds Cosby Davis, who recently took over as CFO of nearby Truliant FCU.

Salvadore most recently served as interim CFO following Davis’s departure, as well as senior vice president of finance, accounting and enterprise risk management. In more than two decades at Allegacy she has served in a variety of roles, including assistant controller, internal auditor and more.

“Michelle is a proven financial leader with a broad understanding of credit union regulations, operations, internal controls and risk management,” Cathy Pace, Allegacy’s president and CEO, said in a press release. “She has been an instrumental member of the Allegacy finance team playing an integral role in our success throughout the years. Her work as CFO will be vital to maintaining Allegacy’s financial integrity and provide us numerous opportunities for continued growth.”

Timothy Moore, president of Allegacy Services

Timothy Moore, president of Allegacy Services

Timothy Moore was also appointed president of Allegacy Services, LLC, a for-profit arm of the credit union that includes divisions related to payroll, benefits, fraud and more. He will oversee strategic planning and vision for the organization while expanding new initiatives and entrepreneurial development within the company, Allegacy said in the release.

“Tim has been a consistent voice urging Allegacy to find ways to grow and enhance our member services,” said Pace. “His background in business and his industry knowledge coupled with his entrepreneurial spirit will add to growth and innovation at Allegacy Services and its subsidiaries. Tim’s impact will positively affect the credit union by allowing us to further build upon our core strengths while achieving Allegacy’s financial goals.”

Moore has a legal background and joined the credit union’s team in 2016 as its first general counsel. Late in 2019 he began overseeing internal auditing and governmental affairs.

Allegacy earned $11 million in 2020, down from nearly $15 million the year before as loan income contracted and expenses rose.


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