"Nina Pilger is no longer with the credit union," said Nelson, a former NCUA examiner who has held the president's title since September 2009.
A formal press release noted during his tenure that Nelson has helped the CU based in Wentzville, a St. Louis suburb, "improve earnings within the past year." The CU lost $1.7 million in 2009 and $320,000 through the first six months of this year.
"When you take out the assessment, we only lost $67,000" said Nelson, who prior to a three year stint as NCUA examiner covering Missouri CUs had previously been a branch officer at CommunityAmerica CU of Kansas City.
In promoting Nelson, and citing his "exemplary financial background with NCUA," Robert Riccardi, chairman, said the CU has found "the perfect candidate to take 1st Financial to the next level."
"We are fortunate to have a leader such as Frank to navigate the challenging economic environment," said Riccardi.
Nelson holds bachelor degrees in business and history from the University of Pittsburgh, as well as an MBA from the University of Missouri at St. Louis.
