After months of unsuccessfully trying to find a new CEO, Presidents Federal Credit Union faced a choice of either merging or outsourcing its top spot.
The $11 million, 2,200-member credit union in Cleves, Ohio, opted for a management agreement that took effect March 1 with Emery Financial Services, a wholly owned CUSO of the $141 million, 13,400-member Emery Federal Credit Union in nearby Cincinnati.
Presidents FCU's four employees will remain in their current positions while other staffing, information technology and back office support will be provided by Emery Financial Services, the credit unions said.
Emery FCU already had a shared branching agreement with Presidents FCU and its CUSO already was providing the smaller credit union with financial reporting, compliance, data processing and lending services.
“We had great difficulty finding a new CEO after the position was vacated in August of 2011,” said John Neyer, Presidents FCU board chairman. “The right candidate eluded us, so our options were either to merge with another credit union or enter into a management agreement.
“The arrangement with Emery Financial Services is an ideal solution to our issue, as the company now serves as our CEO while we continue to exist and function as Presidents Federal Credit Union.”
Joseph Lind, CEO of Emery FCU, said, “Presidents' members will benefit from the increased efficiencies Emery Financial Services is putting in place, but they'll still recognize the credit union they've come to know and trust over the years.”
Presidents FCU is a community-chartered credit union that serves the southwest Ohio communities of Cleves, Addyston, Hooven and Sayler Park. SEG-based Emery FCU has five locations across greater Cincinnati.
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