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On the heels of a sweeping management shakeup, the $545 Memphis Area Teachers Credit Union, the largest in that city, confirmed Friday it is conducting a search for a new CEO as it puts behind “paper” investment losses from last year and finds itself on a profitable path in 2009.

The striking disclosure of eliminating five positions including chief financial officer and undergoing “a total re-evaluation and restructuring of the organization” follows an $11 million loss in 2008, chiefly due to securities writedowns.


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