New CEO named for Benchmark Federal Credit Union

WEST CHESTER Benchmark Federal Credit Union has named Daniel J. Machon Jr. as its new president and CEO, effective Feb. 1. Machon succeeds David LaSala, who announced his retirement in September, after serving as president and CEO for the past 20 years.

“Dan has a proven track record of rejuvenating and refocusing community banking institutions, as well as developing and implementing technology and product innovations,” said Cristine Watrous, chairwoman of the Board of Directors at Benchmark Federal Credit Union. “He is a proven leader who will uphold Benchmark’s reputation for personalized, thoughtful member service as he spearheads opportunities for growth and continued success.”

In his position as president and CEO, Machon will lead Benchmark Federal Credit Union in its renewed mission to serve a growing population of members whose needs “can be overlooked in today’s lending climate,” according to a company press release

“We don’t measure people by credit scores alone. Instead, we carefully listen to their stories and take into account their individual financial situations,” Machon said. “We recognize that people’s financial needs can fluctuate and must be assessed on a personalized, case-by-case basis when they seek first mortgages, home equity, debt consolidation, continuing education loans and personal lines of credit.” Machon points to Benchmark’s in-house credit committee, which meets daily to assess the needs of members that are seeking loans or

“We recognize that people’s financial needs can fluctuate and must be assessed on a personalized, case-by-case basis when they seek first mortgages, home equity, debt consolidation, continuing education loans and personal lines of credit.” — Daniel J. Machon, president and CEO, Benchmark Federal Credit Union

lines of credit.

Benchmark Federal Credit Union is headquartered in West Chester, and has been in business for nearly 80 years. In 2015, Benchmark obtained a new community charter — expanding its footprint to serve all of Chester County.

Under the new charter, anyone that lives, works, worships or attends school in Chester County can become a member.

The credit union had initially served employees of John Wyeth & Brothers Inc. in Philadelphia in 1940, which later became Wyeth Pharmaceuticals, then Pfizer in 2009.

“I admire Benchmark’s personalized approach and respect its strength of membership

and legacy of financial stability,” said Machon. “I look forward to shaping Benchmark’s future and building on the momentum the credit union has gained since attaining its community charter to exclusively serve Chester County.”

Machon is a graduate of LaSalle University. He most recently served as president and CEO of Stonebridge Bank in West Chester — brought on to oversee

its turnaround following the U.S. financial crisis and recession. Under Machon’s leadership, Stonebridge raised capital and attracted investors intent on sustainability. In October 2018, the bank was sold to central Pennsylvania-based LINKBANCORP Inc., according to the release.

Machon has also served as chief financial officer and chief operating officer for Colonial American Bank based

in Horsham; president of Keystone Savings and Loan in Philadelphia, and chief financial officer at USABancShares.com Inc. and NOVA Financial Holdings Inc.

Benchmark Federal Credit Union provides thousands of dollars each year in college scholarships to local students and offers a free financial literacy curriculum in more than 60 public schools across Chester County. The credit union is also the title sponsor of West Chester’s annual professional cycling event, the Benchmark Twilight Cycling Classic; and sponsors the Toyland Division of the QVC West Chester Christmas Parade.

For more information, visit www.benchmarkfcu.org.

Daniel J. Machon Jr.