Suffolk Federal Credit Union has named Ralph D. Spencer Jr. its new president and chief executive.

He was the Medford-based credit union’s executive vice president and chief operating officer. He has also served as its chief lending officer.

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James J. Maggio Jr., chairman of the board at Suffolk Federal, called Spencer “an invaluable member of the credit union team” in a news release sent Monday night.

Suffolk Federal has assets of about $1 billion and 55,000 members. Membership is open to anyone who lives, works, worships, attends school or regularly conducts business in Suffolk County.