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January 18, 2013

Leominster Credit Union CEO Resigns

Paul D. Gilbody

Paul D. Gilbody, the president and CEO of Leominster Credit Union, has resigned less than six months after taking the job, the credit union announced.

His resignation is effective immediately. Carol Southworth, the credit union's senior vice president, has been appointed interim president and CEO, a statement from LCU said.

Anthony A. Gasbarro, chairman of the board, said the board will begin its search for a new leader immediately and that Gilbody resigned on amicable terms.

Gilbody is a 25-year veteran of the banking industry and was executive vice president, chief operating officer and senior lender at Worcester-based Bay State Savings Bank, where he worked for 15 years before taking over the top position at LCU in August, succeeding Gordon R. Edmonds, who retired.

"We have every confidence that the management of the credit union will be in good hands under Carol's leadership, and that she has the full support of LCU's board and executive management team," Gasbarro said.
Southworth has worked in the financial services industry for more than 20 years and joined the credit union in 2001. As senior vice president of retail, she oversees all branch activities, call center, facilities, financial education and bank security. She previously held management roles at Fleet Bank and Commerce Bank and Trust.

With its headquarters in Leominster, LCU has nearly 50,000 members and more than $600 million in assets. It has seven branches in Leominster, Worcester, Clinton, Holden and Sterling.

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