The ailing AEA Federal Credit Union of Yuma, Ariz. has a new interim CEO.
Denise Sweet-McGregor is replacing the retiring Ken Bredemeyer, its president and a long-time director of the Arizona Credit Union League.
The $370 million AEA, which lost $25.9 million in 2009 and was operating with a 2.9% capital ratio, acknowledged Friday it has suffered problem loans for months "in a down economy" as it grapples with "deeply depressed conditions" linked to a large migrant population with 20-25% unemployment.
Sweet-McGregor has been serving as executive vice president for the past 23 years and has 34 years of employment history with AEA, said a statement.
Bredemeyer, who has been with the CU 31 years, has been a league director for 26 years and involved in numerous state and national humanitarian ventures.
The AEA statement, while paying tribute to Bredemeyer, said the Yuma CU "has an action plan" in place for financial recovery noting meanwhile that Yuma, located near the Mexican border, has the highest unemployment in the state.
"Arizona's stressed economy and declining real estate values have touched down hard," on the CU and its members, said the CU statement.
Sweet-McGregor noted also that while the CU has lost $198,000 so far this year "April is looking much better."