Widget Financial names next chief executive officer

Widget Financial has promoted executive vice president, Matthew Margosian, to be its next president and CEO.

The $425 million-asset credit union announced Margosian, who most recently worked as its executive vice president and chief information officer, took his new role April 1. He is succeeding Gail Cook, who will be retiring after holding the role since December of 1996.

“Matthew exemplifies every aspect of Widget Financial’s core values” said board chair Marko Jovanovich “He lives the credit union mission each day, and encourages a culture of serving our members. Matthew has been an influential part of every major credit union project over the past 19 years, and his experience makes him the ideal individual to lead this institution.”

Margosian began working for Widget Financial in 2003 and was appointed executive vice president in October of 2020. He has held numerous leadership roles including chief information officer, and marketing manager.

“Our board of directors made an excellent choice in naming Matthew as President and CEO of this Credit Union upon my retirement,” said Gail Cook. “Widget Financial will be wellserved by Matthew’s extensive knowledge and expertise in serving our members, our employees, and our community well into the future.”

Cook has been the CEO of Widget Financial, formerly known as Erie General Electric Federal Credit Union, for over twentyfive years. Under her leadership, the credit union has grown from a small single location institution with $31 million in assets to one of Pennsylvania’s largest credit unions with $425 million in assets and eight locations.

“I am grateful for the amazing leadership that Gail has shown during her career here at Widget Financial,” said Margosian “It has been a privilege working with her, and I am extremely grateful for the mentorship over the years. I look forward to guiding our future success through an unwavering focus on exceptional member service, alongside an outstanding leadership team.”

Matthew Margosian President and CEO

Gail Cook CEO Emeritus

News of the retirement was first announced to staff during an all-employee meeting in October 2020. Since that time, Cook and Margosian have executed a robust succession plan to ensure a smooth transition. Cook will remain working at the Credit Union as an adviser for the remainder of the year.

Widget Financial has $425 million in assets and more than 110 employees who serve over 46,000 members throughout Erie and Crawford counties. Founded in 1936, a small group of General Electric employees formed a credit union to serve the employees of General Electric. In 2013, the credit union completed a name change to become Widget Financial. The new name was selected to help the credit union stand out in a crowded banking marketplace. Widget pays tribute to our GE Transportation legacy (widGET) and is an alliteration to many service industries around the Erie region; Widget is a familiar term in manufacturing, technology and education.

Millfair location

Widget Financial is a local not-for-profit credit union that is shared by more than 46,000 members throughout Erie and Crawford counties.

Main Office: 2154 East Lake Road, Erie, PA 16511 Phone: 814/456-6231 Fax: 814/580-9722 Email: info@widgetfinancial.com Website: www.widgetfinancial.com

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