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CEO/President Retires

Richard “Doc” Daugherty retired from Chessie Federal Credit Union January 8, 2021 with 33 years of service. He began his banking career in May 1978.  Doc had just graduated from Davis & Elkins College and started working for Liberty Bank in the Accounting Office. In 1985, he was promoted to Controller and put in charge of the Accounting Department as well as the Computer Department. Then in December of 1987, he accepted a position with Chessie to become head of Accounting and the Computer Department.  One of his first jobs at Chessie was to transition over the Accounting Department from manual reports (doing everything by hand) to computer generated reports.  In 1990, Mr. Daugherty was promoted to Vice President and in December of 1991, he was promoted to President/CEO.  Daugherty states “I have seen this great Credit Union grow from  $43 million in 1987 to $60 million in 1991 and to what it is today, $350 million in Assets.”

During his time here, there were four credit unions merged into Chessie with a fifth merging this  year. “We expanded our services over the years,” said Daugherty.  “In the beginning we only offered a few services: Savings, Checking and Certificate of Deposit Accounts for Deposit Accounts and Car Loans, Personal Loans and Mortgages for Loan Products. Today we offer not only these products but Money Market Accounts and Interest-Bearing Checking Accounts, Home Banking, Bill Payer, Mobile Banking, Mobile Deposits, Debit and Credit Cards, Teller Phone, IRA Accounts, Business Accounts and Business Loans.”

Doc has also served on many local boards in his career, he was President of the Western Maryland Chapter of the Maryland DC Credit Union Association and a Board Member of the Maryland DC Credit Union League. He currently serves on the Board of Directors for the WMHS Foundation, Kenny’s Hope for Childhood Cancer and is a past member of the Greater Cumberland Committee, Rotary and other organizations.

Ray Beall, Chairman of the Board states “On behalf of the Board, I would like to thank Doc for his 33 years of service to Chessie and the community. His leadership has been instrumental in Chessie’s success and his daily presence will be missed. We wish him the best of life, in all ways, throughout his retirement.”

Daugherty concludes, “Looking back over my time with Chessie and thinking about everything we have accomplished, it was my employees, Board of Directors and Supervisory Committee that made it all happen. In every organization, in order to be great and successful, you need dedicated people willing to work and be able to adapt to changes. Over these last 33 years, I have had the honor and privilege of working with the best team any President/CEO could ask for.”



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Federal law now requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account. When you open an account, we will need your name, address, date of birth, and other information that will allow us to identify you. We will also need a non-expired government issued photo ID and one of the following alternate ID’s which includes a current physical address. 

Alternate ID:

  • State Driver’s License with previous residence
  • State ID card less than 6 months old
  • Utility Bill
  • Current Payroll Stub
  • Union ID Card
  • Local Company Employee Photo ID
  • Valid Passport
  • School Photo ID
  • Out of State ID Card
  • Non-Photo Credit Card
  • Club Membership Card
  • Bank Photo Check Cashing Card
  • Local Photo Credit Card 

At times, identification will be requested for current account holders if original documentation was not obtained with the opening of the account.