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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.