Changes at the top at some credit unions in 2013 caused some surprise.
Changes at the top at some credit unions in 2013 caught some by surprise.
Final arbitration award documents obtained by Credit Union Times reveal a legal dispute between Ken Burns and the billion-dollar Tech CU, where he formerly served in the corner office.
In an “amicable” decision made between Patelco President/CEO Ken Burns and the $3.9 billion credit union’s board, Burns will resign effective sometime this summer.
Board chairman confirms exit of CEO of four years at $3.9 billion California credit union.
Patelco has confirmed that on Feb. 25 the large Northern California credit union was down for “around two hours” in a Distributed Denial of Service (DDoS) attack which overwhelms a web host with data, effectively knocking it out of commission.
Credit union CEO says defenses getting better and will continue to improve after two-hour takedown on Monday.
The $3.9 billion Patelco Credit Union experienced its most profitable year in the Pleasanton, Calif.-based institution’s 76-year history, with a $55.5 million net profit and 1.48% return on assets. In fact, last year’s earnings were more than the total of $37 million earned from 2005 to 2011 combined.
Call it a frighteningly mixed message. In the last week of January, the al-Qassam Cyber Fighters who had been claiming the Distributed Denial of Service takedowns of some of the nation’s largest financial institutions, turned their sights on credit unions.
The bland name hides the lethal intent of DDoS when aimed at financial institutions, an event that has become increasingly common as dozens of large banks have recently found their online operations crippled, sometimes for days by highly skilled cyber-attackers.