www.lowellsun.com/business/ci_7617017 -
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Published on: 12/2/2007
Last Visited: 12/3/2007
Mayotte Makes Final Turn Affable Jeanne D'Arc CEO retires this month after steering credit union through rapid change
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> >Paul Mayotte is stepping down as chief executive officer at Jeanne D'Arc Credit Union at year's end.Mayotte, a Lowell native who got his start in the credit department at the old Union National Bank more than 40 years ago, said he will miss being active in the community and helping people improve their financial well-being.SUN/BILL BRIDGE >
LOWELL -- As a young man, Paul Mayotte was Johnny on the Spot when he entered the old Union National Bank in downtown Lowell seeking a job.
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Now entering his final month as chief executive officer at Jeanne D'Arc Credit Union, Mayotte, 63, said there was one other thing he had a knack for throughout his business career: change.
"This business has changed tremendously over the years," he marveled from his downtown office on Friday.
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City Councilor Armand Mercier, who has served on Jeanne D'Arc's Board of Directors for 20 years, said Mayotte has brought the credit union to "pinnacles we never expected when he became CEO."
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"He deserves the time off to enjoy the fruits of his labor," said Mercier, who has known Mayotte for 25 years.
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Mayotte is being replaced by Mark Cochran, who joined Jeanne D'Arc this past summer as president and CEO designate.
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"We're excited about him," Mayotte said."He's bright, very community-oriented and asks a lot of questions.
"We had a great recruiting agency, and it's nice to know that they got it right."
Mayotte said the best part about working at credit unions, which are non-profit, is helping people.
"The members are the only ones you answer to -- there are no stockholders," he said."Even when somebody's financial condition is such that you can't give them what they want, we're happy to tell them what they need to do to get there.Sometimes it just means giving them a $500 loan and tell them to make their payments like religion and then they'll qualify for more."
That said, there is far less face-to-face contact now.
"This isn't your grandfather's credit union," said Mayotte, who is married with two grown daughters."Fewer than 20 percent of all transactions are done face to face.Our customers can conduct telephone transactions, direct deposit and make online payments."
"We have an awesome Web site, I think."
In fact, Mayotte was originally going to retire almost two years ago at 62, but later decided to stay on and oversee a major computer and technology overhaul.
Mayotte said working in a financial institutions makes it natural to get involved in community service.
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Mercier added that Mayotte's "outreach and community involvement brought notoriety to the credit union."
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Duncan said community service was an expectation for those who worked at Union Bank, which produced a generation of financial leaders such as Dick Gagnon, Frank McDougall, Eric Thomson, Dick Main and Charlie Cullen -- as well as Mayotte and Duncan.
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Mayotte and his wife, Mary Jane, recently bought a home in Fort Myers, Fla., and also own a home up in Lake Winnipesaukee in New Hampshire.Up until now, Mayotte had lived his entire life in Lowell.
"I got up this morning and it was so cold, every bone just creaked," he smiled."It's time to do something else."
Mayotte will be feted before a crowd of more than 100 tomorrow night at the Vesper Country Club.