After months of unsuccessfully trying to find a new CEO,Presidents Federal Credit Union faced a choice of either merging oroutsourcing its top spot.

The $11 million, 2,200-member credit union in Cleves, Ohio,opted for a management agreement that took effect March 1 withEmery Financial Services, a wholly owned CUSO of the $141 million,13,400-member Emery Federal Credit Union in nearby Cincinnati.

Presidents FCU's four employees will remain in their currentpositions while other staffing, information technology and backoffice support will be provided by Emery Financial Services, thecredit unions said.

Emery FCU already had a shared branching agreement withPresidents FCU and its CUSO already was providing the smallercredit union with financial reporting, compliance, data processing and lending services.

“We had great difficulty finding a new CEO after the positionwas vacated in August of 2011,” said John Neyer, Presidents FCUboard chairman. “The right candidate eluded us, so our options wereeither to merge with another credit union or enter into amanagement agreement.

“The arrangement with Emery Financial Services is an idealsolution to our issue, as the company now serves as our CEO whilewe continue to exist and function as Presidents Federal CreditUnion.”

Joseph Lind, CEO of Emery FCU, said, “Presidents' members willbenefit from the increased efficiencies Emery Financial Services isputting in place, but they'll still recognize the credit unionthey've come to know and trust over the years.”

Presidents FCU is a community-chartered credit union that servesthe southwest Ohio communities of Cleves, Addyston, Hooven andSayler Park. SEG-based Emery FCU has five locations across greaterCincinnati.