RICHARDSON, Texas -- The financial losses Texans Credit Union experienced in 2008 "started to take a toll" on President/CEO David Addison, who announced yesterday he would resign, said Mike Sauer, interim CEO and 16-year board member.
Texans had its struggles last year. For the first time ever, the financial institution suffered a $29 million loss last year due in large part to market conditions and values of commercial real estate associated with the housing industry, Addison wrote in a recent letter to members. The CU's member business lending program was scaled back. Texans also spent much of the year defending itself against lawsuits from former executives.
Sauer, who once served as Texans' chairman, said when Addison told the board in November of his desire to resign it was a surprise. The board did not want to make any decisions right before the holidays, he added.
"David had been thinking about this since the November time frame," said Sauer, who was retired at the time the board asked him to step in as interim CEO. "If you talk to David, he'll probably tell you he has aged five years over the last year. It started to take a toll on him."
Texans plans to look internally for Addison's successor, Sauer said. Addison, who served for nearly six years at the CU's helm, will resign on Jan. 31.