Two Ariz. CUs Pick CEOs
At First CU, Jay Curtis, executive vice president/chief financial officer, was selected to succeed Fred Kent, who retired in May after 26 years with the CU.
Prior to becoming CFO, Curtis served six years as a volunteer on the CU's supervisory committee. Curtis served as senior audit and business consulting manager at a Phoenix area CPA firm and is a graduate of Arizona State University.
At Arizona Central Todd Pearson, senior vice president/chief operations officer, replaced Roland E. Livermon Jr., who retired after 12 years as the CU's top executive. Pearson has been serving as interim CEO since Livermon's retirement last January.
Pearson has been with the CU since 2002 overseeing branches, lending, marketing and business services. Pearson previously was vice president of League Services Corp. at the Arizona Credit Union League. Pearson is also a graduate of Arizona State University.
CDFI Faces Hard Times
The recession has had a particularly crippling effect on some community development credit unions. One such CDFI, the Moffat, Colo.-based Saguache County Credit Union, is working with regulators and trade organizations to get back on track.
SCCU serves a rural, low-income area in south-central Colorado that lacked a financial institution until it was chartered in 1996. It has been driven to the brink by hard-pressed members deeding their homes, which have declined in value by as much as 40%, back to the credit union in order to seek employment elsewhere, CEO Richard Wertz explained.
Two months ago, the Colorado Division of Financial Services issued the credit union a cease and desist order, citing its "unsafe and unsound practices" and violation of "statutes, regulations and directives of the Division" and requiring it to develop a capital restoration and continuing profitability plan in order to keep operating.
Wertz said his credit union is working with federal and state regulators and the Credit Union Association of Colorado to find long-term solutions to its problems. He added that the CU had been doing so before the cease and desist was issued. SCCU is also developing a cooperation and collaboration plan with other San Luis Valley credit unions and CUAC to find ways to strengthen all the credit unions in the area, Wertz said.
Additionally, SCCU has a partnership with the National Federation of Community Development Credit Unions, which has helped the credit union with secondary capital, nonmember deposits, AmeriCorps Vista volunteers, individual development account programs, grants, advice and counseling, Wertz said.
The credit union is "actively looking at all options to protect our members' services and deposits," including branch closures and mergers, but it has not yet made any decisions, Wertz said. He added that SCCU has kept its regulators abreast of the changes it has made or is contemplating.
SCCU has seen stabilization in some areas; Wertz said the credit union's mortgage loans-to-asset ratio is down about three percentage points. It has reduced its delinquencies by 2% and its operating-expense-to-asset ratio is down by two percentage points. However, Wertz said, the credit union is facing the possibility that two longtime members who recently left the area to find jobs will no longer be able to make their mortgage payments.
Clearstar CEO Retires
Clearstar Financial Credit Union President/CEO Ritch Van Duzer has retired after over 20 years of service.
Former Clearstar Chief Operations Officer Lynn Lundahl has been named interim president/CEO.
She has been with Clearstar Financial since December 2007. In her interim role, Lundahl will oversee all operations of the credit union and report directly to the board of directors. Rounding out the executive management team, Allen Arvizu and Teri Thompson will continue in their respective positions of chief financial officer and vice president of lending and collections.
Mich. League Promotes Two
The Michigan Credit Union League has promoted two staffers to vice president slots, replacing Patrick La Pine, the former executive vice president who is now president/CEO of the League of Southeastern Credit Unions.
Marcia Hune is now vice president of governmental and public affairs, and Michael DeFors is serving as vice president of information services.
Hune, who had been director of legislative affairs, brings more than nine years of experience in the state legislature as staffer for two speakers of the house, two majority floor leaders, and the House Republican Policy Office.
She holds a bachelor's degree in political science from the University of Michigan and a master's degree in public administration from Western Michigan University. She is married to former State Rep. Joe Hune.
In addition to five years as the league's director of regulatory affairs, DeFors, an attorney, brings 16 years of experience as senior vice president of governmental and public affairs with the Michigan Bankers Association. A graduate of Marquette University, he also earned a doctorate of jurisprudence from Cooley Law School.
Enterprise Holds Sale
Enterprise Car Sales is holding a Sell-A-Thon through Aug. 31. Credit union members who purchase a used car during the event will receive Kelley Blue Book trade-in value on the vehicle plus an additional $500.
According to Brook Gilchrist, national marketing manager for Enterprise Car Sales, "As always, credit unions that partner with Enterprise Car Sales are guaranteed to receive 100% of used car loans 100% of the time whenever they refer a member to Enterprise."
Lentz Marks 30th Year
Cabrillo Credit Union CEO Robin Lentz recently celebrated 30 years of credit union service.
Lentz joined Cabrillo CU in 1979 as the general manager and under her leadership, the credit union has grown from $6 million in assets to over $190 million and has received numerous marketing awards from local, regional and national credit union organizations.
She is also credited with leading the charge to convert Cabrillo CU's federal charter to a state charter. She has also acted as the chairman of the Public Relations Committee of the San Diego CEO Association and is a member of the Credit Union Executives Society. She has twice served as the president of the San Diego Chapter of the Board of Governors and is a past president of the San Diego CEO Association.
An active community member, Lentz has served as a mentor to students at local schools and participates in the Credit Unions For Kids program benefiting San Diego Rady's Children's Hospital.
Centris Gets Big Grant
FHLB has awarded Centris Federal Credit Union a $25,000 grant for Habitat for Humanity of Omaha. The wholesale financial institution awarded the business development grant to Centris, through its joint opportunities for building success program. JOBS is designed to help financial institutions throughout Colorado, Kansas, Nebraska and Oklahoma promote jobs and economic growth in their communities.
Centris' grant will go toward two Habitat for Humanity of Omaha projects: the ReStore and a job training program. The ReStore sells new and used building materials to the general public at a large discount. Revenues from the store help fund three additional Habitat homes each year.
The job training program provides educational services to community members searching for jobs. Of the 150 people who participate each year, 40 find work.