Co-founder Cascone steps down after 63 years at VyStar CU
April 27, 2015
JACKSONVILLE, Fla. (4/28/15)--Michael Cascone Sr. spent two-thirds of his 93 years on this planet working to advance the credit union movement. But after 63 years of work with VyStar CU, Jacksonville, Fla.--a credit union he helped found in 1952--Cascone will retire from VyStar's board tomorrow.
The credit union, created to serve service personnel from Jacksonville Naval Air Station, has expanded to 486,000 members since Cascone established the credit union more than a half-century ago.
"I never thought it would be this big, absolutely not," Cascone told The Florida Times-Union (April 25). "It sort of built on itself, really, because of the service that we gave to the members and the opportunity for them to get good credit."
Cascone was so successful as a credit union leader that VyStar experienced exponential growth even during the recession, according to The Florida Times-Union.
Between 2003 and 2015, the credit union's assets more than doubled.
"They were aggressive at a time when other people were not and really took advantage of a strategy to invest and promote when a lot of companies cut their marketing and did not open new branches and cut back staff. The gamble has paid off," said Don Capener, dean of the Jacksonville University Davis College of Business.
For his work leading the credit union, VyStar has named its 100,000-square-foot headquarters after Cascone.