Mergers Was Topic But Panel CEO Out of Job
The topic was "merger strategies" at this week's annual convention of the California/Nevada Credit Union League but one CEO and session panelist has apparently found himself out of a job.
He is Adam Denbo, president and head of the $29 million California Agribusiness CU of Buena Park who spoke as a member of a panel trio discussing how other CUs should prepare and make their CU attractive for future partners.
Denbo spoke on Wednesday at the Anaheim conference but a spokesman told Credit Union Times today "he no longer works here" and that an interim CEO from an affiliated insurance unit has taken his place.
In addition to Denbo, also on the panel were David Gunderson, president/CEO of the $595 million CU of Southern California, Whittier, which earlier this year had absorbed a smaller California CU in a merger and Jane Walters, NCUA Region II Director.
The merger session was considered a bit unusual for a California/Nevada league conference since mergers have often been seen as a taboo topic in light of dues and image concerns. However, trade consolidations have loomed larger in recent months as an issue that needs airing, sources noted.