Frank Nelson, president for the last year of the $220 million 1st Financial Federal Credit Union, Wentzville, Mo., has been promoted to CEO. He replaces Nina Pilger, who left the CU last month.
Nelson is a former NCUA examiner serving in the Missouri region and previously was a branch officer with CommunityAmerica CU of Kansas City.
A formal press release noted that during his tenure Nelson has helped the CU, one of the largest in metro St. Louis, to return positive earnings within the past year. The CU lost $1.7 million in 2009 and $320,000 through the first six months.
"When you take out the assessment, our loss amounted to $67,000," said Nelson.
In promoting Nelson, 1st Financial Chairman Robert Riccardi said, "We are fortunate to have a leader such as Frank to navigate the challenging economic environment."