After three-and-a-half years leading Kinecta Federal Credit Union, Simone Lagomarsino has resigned from her position as president/CEO.
Her last day will be Dec. 31, 2009.
According to Lagomarsino, after over 27 years in the banking industry, she felt the time was right to step away from the Manhattan Beach, Calif.-based credit union and find her next challenge. She will be working with Board Chair Mary Yasui-Yamabe and the Kinecta senior leadership team through Dec. 31 to help ensure a smooth transition.
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Yasui-Yamabe said finding the right individual to lead the over $4 billion credit union will be a top priority for the board and that the board wishes Lagomarsino the best in the next chapter of her career.
The credit union's capital position deteriorated from 7.99% in September 2008 to 6.4% as of September 2009. In that time, delinquencies jumped from 0.94% to 3.78%, while ROA plummeted to negative 1.07% before corporate stabilization expenses.
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