CUNA News Now: CEOs at two troubled CUs replaced

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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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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 12 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 13 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 17 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 4 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 4 days ago Sign up; more tweets... 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. More CU/System
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