Herbst Is CUMANet President
Mortgage lending CUSO CUMAnet Inc. has named Joseph Herbst at its new president.
In a Dec. 2 press release, Herbst said one of his goals will be to increase the mortgage CUSO's national footprint and maximize operational efficiencies for future growth.
CUMAnet originally began with a northeast regional presence, but has since expanded to Washington, Chicago and other markets, according to the CUSO in Basking Ridge, N.J.
"We are excited to bring in Joe Herbst to lend his expertise and vision to our CUSO," said Robert Birkhahn, board member at CUMAnet. "His comprehensive background and experience in the industry and success with growing organizations from the regional to the national level will serve as key elements in helping to grow our organization."
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.
Herbst was at the helm of the corporate days before it was taken over by the NCUA. A week before the Sept. 24 conservatorship, he sent a Sept. 17 letter to member credit unions announcing the corporate would lay off 27 employees in response to the ongoing financial crisis, changes in technology and the pending changes to the corporate regulation, he wrote at the time.
Since October 2008, Members United has reduced its overall staff from 327 to 171, a 48% reduction in force by the end of the 2010 reductions with the layoffs occurring at all levels of the organization, according to the corporate. After a one-time charge for severance, benefits and other charges, the staff eliminations and other changes were set to result in saving the corporate $2 million per year.