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Larry Coverstone, CEO and president, of the R.I.A. Federal Credit Union.

After more than four decades at R.I.A. Federal Credit Union, President and CEO Larry Coverstone has retired. 

Coverstone, who spent his whole career with the credit union, had led the organization since 2000. He began his career in 1977 as collections manager and later became its first vice president and chief financial officer. 

"It has been a privilege to lead such a fine organization and staff that brings value to the membership and communities we serve," Coverstone said in a news release. 

Jim Watts, a financial services veteran, has been appointed as the new president and CEO. He joined R.I.A. from Muscatine-based Central Bancshares Inc., where he was senior vice president and chief operations officer.

Under Coverstone's tenure, the member-owned cooperative has grown to more than 42,000 members and to nearly $400 million in assets. 

He led the credit union through the construction of a new $9.4 million Corporate Center at 4343 Utica Ridge Road, Bettendorf. R.I.A. moved into the new headquarters in 2015 — the same year it marked 80 years in business. 

Founded in September 1935, it serves more than 42,000 service members, federal employees and community members in Illinois, Iowa and Wisconsin. It now has nearly $400 million in assets. 

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