Skip to main content

Mike Mastro CEO of Firefighters First Credit Union is preparing for retirement.

After a lengthy and successful career in credit unions, topped by being President and CEO of Firefighters First Credit Union for the last 24 years, Mike Mastro is preparing for retirement. In his 36-year tenure, the credit union has grown to over $1.1B in assets with over 37,000 members.  The credit union has launched many financial service innovations that compete head to head with larger banks – such as business lending, investment services, and insurance services.  As part of their growth strategy, the credit union executed on a successful field of membership expansion and in 2014 changed its name from Los Angeles Firemen’s Credit Union to Firefighters First.  Mike also had the vision to create the Fire Family Foundation after 9/11 to ensure that the firefighter community was not only supported through traditional financial service offerings, but also during tragedies and difficulties in life. 

“My first job at this credit union was as Financial Controller – a position that would be called the Chief Financial Officer today,” he recalled. “In those days the top job was General Manager. I became the equivalent of Executive Vice President in about 1988. In 1992, I became President and CEO.”

Mastro counts Doris Zuckerman, his predecessor as CEO, as the biggest influence on his career. “She is now deceased, unfortunately, but Doris really drove the concept of personal service and the special nature of our firefighters. From her, I learned how to treat firefighters well.”

Mastro says his time at Firefighters First has been made all the more special by the special membership the credit union serves. “Our Board of Directors is an inspiration to me because they are all firefighters,” he said recently. “I respect the danger they face in their jobs. Working with them has been an amazing lesson to me and it has been an honor to serve them.”

“No single person in our history has had a greater impact on this organization than Mike Mastro,” noted Board Chair, Scott Gribbons, a 29-year veteran of the LA City Fire Department.   “Mike’s leadership has had a significant and positive impact on our organization, our employees, our members, the Board, and me personally. Congratulations Mike on a remarkable career!”

Mastro shared his intention to retire with the Board in 2015 and formally announced his retirement plans in August 2016. Working with Mitchell, Stankovic and Associates, the Board developed a selection process designed to recruit and evaluate CEO candidates based upon an established CEO profile.  To this end, Board Chair Gribbons emphasized, “The selection of our next CEO was one of the most important decisions the Board of Directors will make as a governing body. We have been working very thoughtfully over the past year to develop a CEO succession plan that ensures due diligence is given to this vital leadership transition.”  The Board announced in December that the credit union’s current Executive Vice President, Dixie Abramian, will succeed Mastro and the next few months will involve a steady transfer of leadership responsibilities.


The Board worked with Mitchell and team to conduct a rigorous search resulting in internal and external candidates.  The Board sees tremendous value in continuing to proceed with the strategies identified and saw Abramian as the best person to successfully lead the credit union into the future.  Abramian earned the position.

Abramian has helped launch and envisioned many of the credit union’s services and strategies during her 24+ years with Firefighters First.  She began her career as a teller, working her way up in the organization through collections, training, marketing, business development and prior to her promotion to EVP, as the Chief Strategy and Operations Officer. Her experience, education, and dedication make her a natural fit for this position.  Dixie holds an Executive MBA from Pepperdine and a Bachelor’s degree in Finance from California State University, Northridge.

Her passion for learning and development, the firefighter membership the credit union serves, and the mission of credit unions drives her decision making.  Her strategies have included the deployment of regional offices, the development of cross-trained Financial Service Consultants, and the credit union’s strong member focus.  She enjoys wide support across the credit union. Abramian’s commitment is best articulated by her, “I am very proud of our deep commitment to providing legendary service. We measure ourselves to ensure we are the best of the best, because that is what our members deserve.  Our mission remains steadfast – to improve the financial lives of our fire family.”

Mastro said he is giving simple advice to his successor: “Be courageous in how you think and how you execute.  You will be working with a membership that displays that every day. Keep an open mind, be innovative in your thinking, drive personal relationships and connections with members and employees, and, above all, ensure integrity.”

The first stage of the transition period occurs on January 1, 2017 when Abramian will officially become President, followed by being named President and CEO on April 15, upon Mastro’s retirement. Firefighters First has been committed to developing executive talent, which has paid off in terms of steady growth and successful execution of strategic initiatives.


About Firefighters First Credit Union
Firefighters First Credit Union was formed in 1935 as Los Angeles Firemen’s Credit Union and serves full-time, paid professional firefighters and their families throughout the state of California.   Firefighters First currently has assets of over $1.1 Billion and serves over 37,000 members in over 330 fire departments statewide. Specific details on eligibility, and more information about the credit union, are available at firefightersfirstcu.org or by calling 800.231.1626.

About Mitchell, Stankovic & Associates
Mitchell Stankovic & Associates is a global strategic consulting organization that has over 25 years working with credit union clients as partners to get results.  MSA provides proven consultation based upon years of experience in the financial services industry, delivered with innovative methods harvested from the most up-to-date business practices available today.  Engaged with executives and boards, MSA facilitates leadership transitions, strategic planning sessions, CEO compensation analysis, executive coaching, board governance, and educational development.  Contact us at www.mitchellstankovic.com or by calling 855-362-2002.


Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

New Podcast Series -3 Succession Planning Podcasts

https://www.ncofcu.org/podcast Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

Federal Reserve Board announces pricing, effective January 1, 2026

  December 04, 2025 Federal Reserve Board announces pricing, effective January 1, 2026, for payment services the Federal Reserve Banks provide to banks and credit unions For release at 5:00 p.m. EST Share The Federal Reserve Board on Thursday announced pricing, effective January 1, 2026, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services. By law, the Federal Reserve must establish fees to recover the costs, including imputed costs, of providing payment services over the long run. The Federal Reserve expects to recover 108 percent of actual and imputed expenses in 2026, including the return on equity that would have been earned if a private-sector firm provided the services. Overall, price changes for 2026 will result in an estimated 0.9 percent average price increase for established, mature services. The entire ...
Post a Comment
Read Complete Article HERE>»

Loan Growth Part 3

MADISON, Wis.–Credit union loan balances rose 1.1% in February, faster than the 0.2% reported in February 2021, even as membership growth slowed significantly during the first two months of 2022, according to data released as part of CUNA Mutual’s April Trends Report. The Report, which is based on data through February, showed overall loan growth was 9.6% during the last 12 months. What is actually happening below the surface? According to the Trends Report, consistent with the trend line the analysis shows large credit unions reported significantly faster loan growth in 2021 as compared to smaller credit unions. Credit unions with assets greater than $1 billion reported loan growth of 8.4% compared to credit unions with assets less than $20 million, reporting loan growth of 0.9%. Here's a look at how credit unions performed by category, according to the newest Trends Report” ...
Post a Comment
Read Complete Article HERE>»

Credit Union Profits Climb 21% As Margins Widen, NCUA Reports

  If you don't read anything else, read this:  Performance By Asset Category WASHINGTON—Federally insured credit unions posted a sharp rebound in profitability through the third quarter of 2025, with net income up 21% year over year to an annualized $19.1 billion, according to new NCUA data. The increase—one of the strongest gains across the agency’s quarterly metrics—came as institutions benefited from rising interest income, wider net interest margins, and relatively stable credit costs. The NCUA reported that Q3 data show interest income climbed 7.6% over the period while the systemwide net interest margin expanded nearly 13%, helping credit unions absorb higher operating expenses and modest increases in loan-loss provisioning. The earnings surge outpaced the credit union system’s 3.7% asset growth and came amid a mixed lending environment in which residential mortgage balances rose sharply, but auto lending weakened. The industry’s aggregate net worth ratio also im...
Post a Comment
Read Complete Article HERE>»

Housing Forecast 2026: Mortgage Rates Remain Above 6%, but Affordability Improves Modestly

  Mortgage rates will continue to average above 6% next year, but affordability will improve modestly as the typical monthly payment falls below 30% of a household's income for the first time since 2022, the  Realtor.com®  economic research team predicts in its  2026 housing forecast . The forecast predicts  mortgage rates  will average 6.3% across 2026, a slight improvement from the 6.6% full-year average expected for 2025, but still well above the 4% historic average recorded from 2013 to 2019. Nationally, home prices will continue to grow 2.2% through the end of next year, after rising by 2% in 2025, the forecast indicates. However,  incomes  and overall inflation are expected to continue rising faster than growth in home prices, delivering a slight boost to affordability. Read the complete story and review graphs;  HERE    _______________________________________ Join/Upgrade Check out some of NCOFCU's additional features: First ...
Post a Comment
Read Complete Article HERE>»

Not Your Mother’s Credit Union

“Stablecoins aren’t a speculative play. They’re the next evolution of payments — and a chance for credit unions to lead, not lag. It starts with connecting members to DLT rails - the digital wallet. Without that, nothing else can happen. It’s just a new payment rail - embrace it or lose the relationship. It’s that simple.” While ‘ stablecoins ’ were the prevailing buzzword across Money20/20 this year, the credit union industry had a significant presence. Small financial institutions have staked a place in the future of payments. Credit unions  received a significant boost this summer with the enactment of the stablecoin bill into law. The Guiding and Establishing National Innovation for U.S. Stablecoins Act authorizes subsidiaries of federally insured credit unions, such as credit union service organizations, to become issuers. Not Your Mother’s Credit Union A Money20/20  fireside chat  with the regulator for credit unions that I moderated focused on the rulemaking task a...
Post a Comment
Read Complete Article HERE>»

Banking During and After COVID-19

Before COVID-19, the banking industry was experiencing an unprecedented period of growth and prosperity. Despite increasing consumer expectations and increased competition from non-traditional financial institutions, most banks and credit unions were stronger than at any period since the financial crisis of 2008. In a matter of only a few weeks, the world of banking has experienced a level of disruption that will change everything that had been the norm in financial services. There has not only been a major change in the way financial institutions conduct business but in the way, employees do their work and the way consumers manage their finances. Banks and credit unions must use this time of disruption to consider reinventing themselves from the inside out. It is a time when we need to better understand the way consumers expect their financial institution to support their financial needs. This includes the way banks and credit unions use data, AI, technology and human resources t...
Post a Comment
Read Complete Article HERE>»

Two Members of FOMC Indicate December Rate Cut Not a Sure Thing

  WASHINGTON–Two members of the Fed’s Open Market Committee have indicated they are in no hurry to further cut rates, despite market expectations. “I’m not decided going into the December meeting” and “my threshold for cutting is a little bit higher than it was at the last two meetings,” Federal Reserve Bank of Chicago President Austan Goolsbee said in a Yahoo Finance interview. “I am nervous about the inflation side of the ledger, where you’ve seen inflation above the target for four and a half years, and it’s trending the wrong way.” Goolsbee was interviewed after last week’s Federal Open Market Committee meeting that saw policymakers cut their interest rate target by a quarter percentage point, to between 3.75% and 4%, as officials sought to offset rising risks to the job market while still keeping interest rates in a position where they’ll help lower inflation pressures, noted Yahoo Finance. As the report also noted, Fed Chair Jerome Powell cautioned last week that “a further r...
Post a Comment
Read Complete Article HERE>»

CUs Encouraged to Promote Automatic Savings Plans

America Saves Week and Military Saves Week kick off this weekend. The week-long, national campaigns will begin Feb. 19 with events that aim to unite government, nonprofit and corporate groups to encourage individuals and families to save and build personal wealth. This year’s campaign theme – “Set Goals, Make a Plan, Save Automatically” – promotes the need for families to get aggressive with automatic savings.****READ MORE: CUs Encouraged to Promote Automatic Savings Plans :
Post a Comment
Read Complete Article HERE>»