DALLAS — Kenneth Sorrels is no longer president/CEO of $1.4 billion Credit Union of Texas effective Aug. 28. The board of directors has named John Lederer interim/president CEO of the credit union. Lederer took the new role on Aug. 28 replacing Sorrels, who had been at the helm for the past decade. Lederer came to CU of Texas in 1996 and has most recently held the position of vice president, general counsel. He has more than 28 years of experience in the credit union industry including 18 years at the Texas Credit Union League in a legal capacity, as a member of the senior management team, and as interim president in 1984.

Sorrels is very well-known in the industry having served on several prominent boards including at NASCUS, TNB Card Services and Centrix Financial.

“Naturally, I'm very excited and looking forward to [the new role],” Lederer told Credit Union Times.

Lederer could only say that Sorrels is no longer with the credit union. He said it has not been determined whether the credit union will search internally or externally for a permanent president/CEO.

With more than 198,000 members, CU of Texas is one of the largest in the nation. Lederer said the CU is “in good financial shape” but “like a lot of credit unions, [it] is having a difficult time with spreads.”

“But everything looks good and we have some good things in store for the future,” Lederer said. –[email protected]