Stephen O'Connell has been named the new president/CEO of the $1.1 billion North Island Credit Union of San Diego.

O'Connell, most recently chief operating officer at the $1.1 billion California Credit Union in Glendale, Calif., succeeds current CEO John Tippets, who brought North Island back from near failure.

“His extensive credit union experience, proven financial acumen and innovative approaches will provide the blend of practical skills and member-focused service we view as vital to the future of North Island Credit Union,” said Board Chair Rebecca Collier of O'Connell.

O'Connell takes the corner office in October; Tippets has said he would retire sometime this year.

Tippets came out of retirement in November 2009 after 17 years at American Airlines FCU in Texas to help save North Island, which reported 3.39% net worth, 6.20% loan quality ratio and -3.52 ROA as of 2009 year-end, according to NCUA financial reports.

As of June 30, 2012, North Island's financials have vastly improved, with 8.04% net worth, a 3.45% loan quality ratio and 1.87% ROA. Tippets was named one of NAFCU's CEOs of the Year in May.

North Island's new CEO has 18 years of financial services leadership experience. As COO at CCU, he had oversight responsibilities in all credit union departments, and developed strategic plans.

 “With this credit union's exceptional history of serving the San Diego community, I look forward to working closely with the board of directors and staff to continue to support our brand and grow our products while providing an exceptional level of service to our members,” O'Connell said.

O'Connell is a CPA and a graduate of California State University, Northridge, where he earned his bachelor's degree in business administration, accounting.