Hanscom AFB, MA (December 17, 2021) – President and CEO David P. Sprague has announced his retirement from Hanscom Federal Credit Union effective January 3, 2022. Following his formal announcement to the organization, he was appointed to fill an open seat on the credit union’s Board of Directors effective February 1, 2022.
Sprague has been Hanscom FCU’s top executive since 1996, a well-loved and respected senior leader managing over 250 employees. The credit union’s assets have grown to $1.7 billion and membership has more than quadrupled to over 90,000 members during his 25-year tenure. He has steered Hanscom FCU to become the fifth largest credit union in Massachusetts.
Sprague began his financial services career while earning his bachelor’s degree in accounting from Babson College in Wellesley, Massachusetts. He needed a part-time job while in school, so he was hired as a collector for the division of a regional bank. Once he graduated, he was moved up to an auditing job and over the years, continued advancing through positions of increasing responsibility. It was his work at Rockland Federal Credit Union, where he worked as a senior vice president to develop and implement a strategic plan, which most prepared Sprague for his role as Hanscom FCU’s CEO.
As Hanscom FCU’s chief executive, Sprague has overseen its foray into retail-oriented banking and has successfully completed six mergers. His belief in team-building, training, employee empowerment, and commitment to supporting technological advances allowed Hanscom FCU to deliver more conveniences and security to its members, from extensive web-based services to shared branching with thousands of other credit unions across the U.S. In his goal to help members do more with their money, he launched the credit union’s indirect auto lending program; Hanscom Insurance Agency, an insurance agency subsidiary; and Hanscom Investment Services, a financial services provider in conjunction with a licensed brokerage firm.
Since 1953 Hanscom FCU has been serving military and government personnel from its headquarters on Hanscom Air Force Base. Sprague is an enthusiastic supporter of the credit union’s military connection. He was always ready to assist with and participate in military programs, events, and celebrations on base and at other military installations where the credit union has a presence. During his tenure, a partnership with the Junior Air Force Reserve Officer Training Corps was developed at high schools in Lowell, Bedford, and Billerica.
Sprague’s commitment to “People Helping People” paved the way for forming the Hanscom FCU Charitable Foundation in 2012. The charitable arm of the credit union lends support to organizations focused on areas of health, education, and well-being of children, homelessness prevention, and programs serving veterans and their families. He enthusiastically supported a major commitment the Foundation made in 2019 to donate $750,000 over five years to Home Base, a charitable organization that provides clinical care to veterans, service members, and their families who are suffering the invisible wounds of warfare. This year, the Foundation reached a milestone of donating over $1 million to Home Base since 2014.
The employees and volunteers who work with Sprague on a daily basis have been honored to have him as their president and CEO. “We’re all so appreciative of how David has led our credit union for these last 25 years,” said John A. Delcore, Hanscom FCU’s chairman of the board. “He has led this organization through some good times as well as some challenging ones, and through them all, we’ve been able to grow and thrive thanks to his calm, clear-headed management style. I’m deeply grateful for all his years of service and wish him well in his retirement, and I’m happy he’ll be joining the board in February.”
Employees consistently mention Sprague’s common touch, like his ability to welcome a new employee and remember their name and role when he meets them weeks later in a hallway or during a company event. His retirement is a bittersweet point in history for the Hanscom FCU community.
“It has been my pleasure to work on behalf of our members to build a credit union they can be proud of, one that serves their financial needs with a variety of outstanding products, services, and programs,” said Sprague. “Our search committee has done a terrific job evaluating internal and external candidates to lead the credit union. I’m confident the credit union will be in good standing for years to come.”
Hanscom FCU’s search committee will soon name Sprague’s successor, who will be the fifth president and CEO in the 68-year history of the credit union. Chief Operating Officer Jim Potter will serve as the credit union’s interim chief executive until that date.
D. Hilton Associates has been retained by Hanscom FCU’s board to conduct the nationwide search for its next president and CEO.
Photo caption: David P. Sprague, president and CEO of Hanscom Federal Credit Union, who will be retiring on January 3, 2022.