Charles Furbee, who retired from the Federal Reserve Bank of Chicago in March 2004, has been named CEO of the conserved Members United Corporate FCU. According to the central bank's 2003 Annual Report, Furbee's last position was senior vice president of the Chicago Fed's Financial Services Group.
NCUA Spokesman John McKechnie confirmed only former Members United CEO Joseph Herbst was shown the door by the Feds. The executive management team, which includes Chief Financial Officer Todd Adams, Senior Vice President of Member Relations Kevin Brauer, Senior Vice President John Collins, and Chief Investment Officer Ronald Koza, all retained their positions.
The situation is similar at Southwest Corporate FCU: Only former CEO John Cassidy was removed. Chief Investment Officer Bruce Fox, Executive Vice President of Member Relations Kathy Garner, Risk Officer Brent Smith and Chief Financial Officer Melissa Wardell still remain on the seized Texas corporate's executive team.
Constitution Corporate President/CEO Robert Nealon also lost his job upon conservatorship of his institution.
At all three corporates, all board members and those volunteering on supervisory committees were all relieved of their positions.