The travails of small credit unions recruiting available CEOtalent at reasonable cost is being underscored this week in a NewMexico merger involving the $101 million Animas CU consolidatingthe struggling $5 million Totah CU, both of Farmington.
"Yes, indeed.Totah was financially ailing and came to us seekinga merger after they lost their CEO and found themselves unable toattract talent at a reasonable price," explained Gary Sterton, CEOof Animas CU.
Animas is completing computer conversions in March and April forthe merger that was made effective Dec. 31. Totah, which had a 40%loan to share ratio, saw its losses widen to $348,000 through thefirst nine months on top of a $29,000 loss in 2008.
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