Joe Herbst, the former CEO of the conserved Members United Corporate Federal Credit Union, has been named the new president/CEO of CUMAnet LLC.
A staffer at CUMAnet told Credit Union Times this morning the CUSO has not made an announcement on Herbst being hired to head the Basking Ridge, N.J.-based company.
"I'm not sure what his start date is. He is not in today. I met him and I am not sure if he's started yet," the staffer said, suggesting Credit Union Times call back Dec. 6.
Herbst resigned from Members United in Warrenville, Ill. when the NCUA placed the corporate in conservatorship Sept 24. Charles Furbee is now serving as the interim CEO.
On Nov. 12, the regulator transformed the corporate into Members United Bridge Corporate Federal Credit Union. Southwest Bridge Corporate Federal Credit Union was also created on the same day. Both new entities were created in part to ensure that credit unions continue to have access to liquidity and payment services, according to NCUA Chairman Debbie Matz. The agency also recently announced it would transfer Constitution Corporate Federal Credit Union's operations to Members United.