The board of directors of Homefield Credit Union has named Karl J. Moisan president and chief executive officer, effective Jan. 29, the company has announced.

Mr. Moisan, currently executive vice president and chief business officer of Homefield, will replace Lloyd L. Hamm Jr., who is leaving to become president and CEO of Newburyport Five Cents Savings Bank.

Mr. Hamm said Mr. Moisan has played a major role in the credit union’s development over the last few years, which included a name change, opening a second branch office, a 14 percent increase in assets, and a 60 percent increase in loans.

Before joining Homefield Credit Union, Mr. Moisan, a Grafton resident, was senior vice president of business development and commercial lending at Marlboro Savings Bank. He has a bachelor's degree from Norwich University, a master's degree in business administration from Rider University, and graduated from The Stonier National Graduate School of Banking.