The board also announced that David Van Rossum was named interim president/CEO. He served as the board's vice chair and as chair of the supervisory committee in 2014.

According to SCU's 990 documents for 2013, Simmons' total compensation package totaled $2.9 million, which included his base salary of $676,744, $361,600 in bonuses, $37,971 in other compensation, $1.9 million in retirement and other deferred compensation, and $15,478 in non-taxable benefits.

However, the cooperative's 990 documents for 2014 showed Simmons' total compensation package amounted to $2.1 million, which included his base salary of $726,944, $442,125 in bonuses, $47,105 in other compensation, $940,894 in retirement and other deferred compensation, and $15,948 in non-taxable benefits.

"The Service Credit Union board of directors has begun the process of initiating a search for the most qualified individuals for the position of the permanent president/CEO," Vice President of Marketing Karen Benedetti said in a prepared statement. "Service Credit Union continues to grow in record numbers in assets, member numbers, loans and shares into 2016. We are financially strong and will continue in that direction under the leadership of the next president/CEO."

She noted that the credit union had unprecedented growth in 2015 and continued to grow during the first quarter of 2016 in assets, membership, loans and shares.

In the first quarter of 2016, assets increased $163.2 million, shares grew $171.5 million, while loans were up 18.2% over the last 12 months with a net income of $19.4 million, she said.

The first quarter's net income was a sharp increase from the $3.4 million in net income the credit union recorded at the end of the first quarter of 2015, NCUA financial performance reports showed.

The credit union's assets increased from $1.9 billion in 2011 to $2.7 billion in 2015, and its total loan revenue jumped from $1.3 billion to $2.2 billion during the same time period, according to NCUA financial performance reports.

However, SCU's net income declined from $31.9 million in 2011 to $18.6 million in 2015. 

SCU's loan income fell from $72.8 million in 2011 to $66.4 million in 2014 and then increased to $73.1 million last year.

The credit union also saw a substantial drop in its investment income – it fell from $6.7 million in 2011 to $4.7 million in 2015. This was offset by other income or fee income that increased from $54 million in 2011 to $62.8 million in 2015, according to NCUA financial performance reports.

At the end of 2015, SCU posted a net worth of 12.44%, above the peer average of 10.98%, and an ROAA of 0.70%, slightly below the peer average of 0.71%.