The $345 million Sperry Associates Federal Credit Union announced today that Dan Capece, its interim president and Sandy Albert, human resources consultant, will no longer work at the credit union.
"The board has enacted this change to improve the credit union's operations for its membership base; as the organization moves forward, the board is focused on transforming its management team," said Sperry in a Sept. 20 statement.
The board of directors at the Garden City Park, N.Y.-based CU voted unanimously Sept. 14 "to cease utilizing the services" provided by Capece and Albert. While the CU undergoes a search for their replacements, Jim Duffett, vice president, and Rob O'Hara, director, will lead the management team.
"We are grateful for the services that Mr. Capece and Ms. Albert provided to our members and staff during their tenure at Sperry," said Board Chairman John Kumpel.
On June 11, the NCUA entered into a letter of understanding and agreement with Sperry. The LUA identified corrective actions needed at the CU in the areas of declining capital, participation lending losses, potential unrecognized investment losses, inadequate due diligence and inadequate testing of high risk areas.
In August, Sperry filed a lawsuit against Eastern Financial Florida Credit Union to recoup losses it claimed came through failed participation loans. The troubled EFFCU merged with Space Coast Credit Union in 2009.