CEOs at two troubled CUs replaced
LAS VEGAS (10/13/09)--The CEOs at two credit unions in Las Vegas have been replaced, according to local media reports.
Andy Baumann, former National Credit Union Administration (NCUA) supervisor, has been named as interim CEO for WestStar CU. The institution is known as the "Gaming Employees' Credit Union" and has $174 million in assets (The Las Vegas Review-Journal Oct. 10).
Baumann replaces Dan Paulson, former Nevada Credit Union League chairman. WestStar lost $3.5 million in the first half of its year. Its net worth is 10%, which is considered well-capitalized by NCUA standards.
Paul Simons, CEO of Rantoul, Ill.-based Credit Union 1, will serve as CEO at Cumorah CU, which serves members of The Church of Jesus Christ of Latter-day Saints. The credit union has $157 million in assets. Simons replaces Tony Mook, who resigned Oct. 5.
Cumorah's financial reports indicate the credit union lost $7.3 million during the first half of 2009. Its net worth is 3.4%, which is below NCUA's threshold to be considered a well-capitalized institution.
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