The troubled $160 million Cumorah Credit Union of Las Vegas is looking for a new CEO following the sudden resignation of its long time CEO, Tony Mook, a former chairman of the Nevada Credit Union League.
Officials of the privately-insured CU, which had a mid-year loss of $7.3 million, recently cut its staff nearly in half and shuttered four branches, confirmed only that Mook "left yesterday." He had been with Las Vegas CU for 19 years, said media reports carried in the Las Vegas media.
Replacing Mook on an interim basis under the guidance of American Share Insurance Inc. is Paul Simons, who is president/CEO of Credit Union 1 in Rantoul, Ill.
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Like a number of other financially-pressed Nevada CUs, Cumorah, which serves the Church of Jesus Christ of Latter-day Saints, has long been under regulatory scrutiny following large loan losses, some tied to real estate, sources said.
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