CEO of Small Mississippi Credit Union Wins Wegner
One of the three credit union executives set to receive the National Credit Union Foundation’s Herb Wegner Awards for Lifetime Achievement in 2015 leads a credit union that serves in one of the poorest counties in the country.
Clarence Hall Jr. is chair of the board and president/CEO of the $1.2 million Issaquena County Federal Credit Union in Mayersville, Miss.
The cooperative, which serves 462 members, is located in Issaquena County. According to the U.S. Census Bureau, the county was located in the nation’s 14th poorest county in 2011.
As of June 2014, Issaquena County FCU had 80 loans outstanding, with average interest rates of 12%, according to NCUA data. The credit union had 77 used vehicle loans, one real estate loan worth $7,609 and two lines of credit totaling $4,238.
The credit union’s delinquency ratio stood at 22.94%, more than four times that of its peers, but its charge-off ratio was 1.91%, which was an increase from the prior four quarters when the ratio was 0%, NCUA data showed.
Issaquena County FCU’s ROA posted at 2.15%, while its peers had ROAs in negative numbers.
As of June 30, the credit union posted a profit of $12,582 for the first part of 2014.
Hall will receive one of three Wegner Lifetime Achievement awards at a special dinner hosted by NCUF at the Marriott Marquis March 9, 2015, in conjunction with CUNA’s Governmental Affairs Conference in Washington.
The foundation also recognized Mike Mercer, president/CEO of the Georgia Credit Union Affiliates and Bob Schumacher, retired president/CEO of the $84 million MountainCrest Credit Union in Arlington, Wash., with Lifetime Achievement Awards and the Iowa Credit Union League with its Wegner Award for Outstanding Organization.
The NCUF said it will release profiles of all of the Wegner honorees in the coming weeks.