Richard Simonton, who has servedas president/CEO of AOD Federal Credit Union for nine months, saidhe is not sure why the cooperative's board of directors denied hisrequest for a commitment for future employment.

Simonton was hired in December 2012 to lead the $262 million credit union inBynum, Ala. He had been working as a conservatorship CEO for theNCUA. He said it now appears he will be leaving AOD FCU at the endof October.

“The crux of this is I came here without a contract with theintent of staying but I needed assurance that I had a job in orderto move my family,” Simonton told Credit Union Times onTuesday.

“After nine months, I thought I was doing pretty well so I askedthe board to provide me with a commitment for future employment andthey wouldn't provide it.”

While Simonton worked at AOD FCU in Bynum, a town roughly 60miles east of Birmingham, Ala., his wife and family stayed behindin Florida. He said seven of his 14 children still live athome.

The credit union's board has not released a statement, Simontonsaid, but he did learn that “it wasn't a unanimous decision amongthe board members” to not provide him with a commitment for futureemployment.

“Really, it's still up in the air on where my future will be.There are other sources and opportunities that I am pursuing in thearea,” Simonton said.

Simonton said “there are other things I can't talk about” but ina few weeks, he may be freer to discuss more.”

A comment from the AOD FCU board was not immediatelyavailable.

During his tenure, Simonton said AOD FCU made good progress,turning the credit union around in the area of loan growth.

According to the credit union's NCUA financial performancereport, total delinquent loans and net chargeoffs was $1.8 millionin December 2012. That figure dropped slightly to $1.2 million inJune 2013. Loans totaled $114 million last December but decreasedto $108 million in March 2013, only to recover to $110 million inJune.

During the same period, assets increased $11.7 million inDecember to more than $14 million in June. The credit union's networth was 13.60%, which was higher than its peer average of 10.31%in December. As of June, AOD FCU's net worth was 12.79%.