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News Now

CU System
MATCU cuts five management positions
MEMPHIS, Tenn. (7/13/09)--Memphis Area Teachers CU (MATCU) eliminated five management positions last month resulting from of a $10 million loss last year and regulators’ recommendations. Positions cut at the $527.8 million asset, Memphis-based credit union include: vice president of lending, vice president of community affairs, vice president of credit union service organization, vice president of liabilities, and chief financial officer, said James Hayslip, chairman of the MATCU board of directors (The Commercial Appeal July 10). The board’s action followed the resignation of CEO Carlos Webb in April. Once the credit union finishes its restructuring--which could result in more job cuts--it will initiate a search for a new CEO, the newspaper said. The credit union needed to operate with a more streamlined organization, so the board restructured the leadership roles, Maria McLendon, assistant vice president of marketing, told the paper. MATCU invested in bonds several years ago that nose-dived in value last year--particularly in the fourth quarter 2008. They resulted in the credit union losing $10 million, Hayslip told the paper. A call to MATCU by News Now was not returned by press time.


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