CHICAGO – Nearly three months after his departure, the $246 First Northern Credit Union has formally announced the retirement of William J. Arnold, president and CEO, effective May 31. "A search committee has been formed to evaluate candidates for a permanent replacement," said a statement from the Chicago CU noting that Edward C. Berg, executive vice president, continues as interim CEO. First Northern, which had witnessed a $700,000 drop in net income in the first quarter, said last month it would have more to say about its management in June. In its June 24 statement, First Northern said Arnold had completed a 29-year tenure and saw the organization expand "from a single employer credit union serving the employees of Commonwealth Edison Co. into a community based charter with five offices serving 12 Illinois counties." "The Board of Directors wishes him well in his future endeavor," said the CU's statement regarding Arnold. It was understood that a second management employee, who was not identified, also left in April at the same time as Arnold.