Appalachian Community Federal Credit Union CEO to Retire

Andrew J. Mullins III to step down after 40 years, Paul G. Penland named as successor

Jan. 30, 2026 at 10:39am

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Appalachian Community Federal Credit Union (ACFCU) announced that its president and chief executive officer, Andrew J. Mullins III, will retire at the end of July 2026 after 40 years in financial services. The ACFCU board of directors has appointed Paul G. Penland as Mullins' successor, who will serve as president and CEO designate until Mullins' retirement.

Why it matters

The leadership transition at ACFCU, one of the largest credit unions serving Southwest Virginia and Northeast Tennessee, signals a shift in the regional financial services landscape. Mullins' retirement marks the end of an era, while Penland's appointment aims to provide continuity and position the credit union for long-term success.

The details

Mullins joined ACFCU in 2020 as chief lending officer, later becoming president and CEO in 2023. Penland brings over 40 years of experience, most recently serving as chief credit officer and senior vice president at First Community Bank of East Tennessee. The ACFCU board of directors cited Penland's depth of experience, leadership style, and commitment to sound financial stewardship as key factors in his selection as the next president and CEO.

  • Andrew J. Mullins III will retire at the end of July 2026.
  • Paul G. Penland will serve as president and CEO designate until Mullins' retirement.

The players

Andrew J. Mullins III

The outgoing president and chief executive officer of Appalachian Community Federal Credit Union, who is retiring after a 40-year career in financial services.

Paul G. Penland

The incoming president and chief executive officer of Appalachian Community Federal Credit Union, who previously served as chief credit officer and senior vice president at First Community Bank of East Tennessee.

Joe Boggs

The chair of the Appalachian Community Federal Credit Union board of directors.

Appalachian Community Federal Credit Union

A credit union headquartered in Kingsport, Tennessee, that serves Southwest Virginia and Northeast Tennessee.

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What they’re saying

“Andy's leadership, integrity, and deep understanding of our communities have made a lasting impact on ACFCU. We are grateful for his decades of service to our region and for the strong foundation he has built for the future.”

— Joe Boggs, Chair of the ACFCU board of directors

“Paul's depth of experience, leadership style, and commitment to sound financial stewardship make him an excellent choice to lead ACFCU into the future. This planned transition ensures continuity and positions our credit union for long-term success.”

— Joe Boggs, Chair of the ACFCU board of directors

“I am proud of what we have accomplished at ACFCU and confident the organization is well positioned for the future. Paul is a respected leader with a strong understanding of our market and our mission, and I look forward to supporting him during this transition.”

— Andrew J. Mullins III, Outgoing president and CEO of ACFCU

What’s next

Mullins is expected to remain involved through the change in leadership, working with Penland to ensure a seamless transition.

The takeaway

The leadership transition at Appalachian Community Federal Credit Union represents a significant shift in the regional financial services landscape, as the credit union aims to build on its strong foundation and position itself for long-term success under new leadership.