CONCORD, Calif. — Cal State 9 Credit Union Interim CEO Judith Hurst e-mailed Credit Union Times to say that former CFO Richard Headrick was not dismissed by the CU but resigned on his own last October.

Headrick was the architect of the outsourced HELOC lending program whose aggressive underwriting guidelines caused Cal State to lose $45.9 million year-to-date, sending its net worth ratio at the end of September to minus 2.02%, making it insolvent. Delinquency is 7.31% and there is another $24 million in the 1-2 month category. Of some $24.4 million in total charge offs, $23.6 is from real estate loans; the CU charged off $17.6 million in the third quarter alone. And the Real Estate Owned category (foreclosures) now stands at $10.2 million.

Credit Union Times has attempted numerous times to speak with several members of the Cal State Board of Directors. Some of those members included: James A. Wilcox, the Kruttschnitt Family Professor of Financial Institutions, Haas School of Business, University of California, Berkeley; Stevina U. Evuleocha, Associate Professor of Marketing and Entrepreneurship, School of Business & Economics for the California State University, East Bay; Monica Pacheco, Executive Director of the University Union, California State University, East Bay; former Chairmen of the Board John DeClercq, an East Bay businessman and Chamber of Commerce official and Emmett Jones, director of the Department of Public Health, Berkeley, (retired).