Nearly eight months after the NCUA and Sperry Associates FederalCredit Union entered into a letter of understanding and agreement,the cooperative has named James Duffett as its newpresident/CEO.

Duffett had served as interim co-president since September 2010after Sperry's board of directors voted Sept. 14 to cease using theservices of Dan Capece, who served as interim president.

Duffett joined the $325 million Sperry in Garden City Park,N.Y., 16 years ago as a branch operations manager. In 2004, he waspromoted to vice president overseeing business development,e-commerce, information technology and marketing. Duffett alsoserved as chairman of the product development committee.

"We will continue to focus on meeting our members' dailyfinancial needs and rebuilding capital," Duffett said. "Thisinstitution is already showing many positive results, including aprofitable fourth quarter in 2010 and an anticipated return tooverall profitability this year."

Duffett said Sperry is aiming to improve personal service,particularly with electronic banking capabilities.

A June 2010 NCUA LUA cited several corrections actions toaddress Sperry's credit, strategic, interest rate, liquidity,transaction and compliance risks.