Stan Abrams was named San Diego Metropolitan Credit Union interim president/CEO this month, replacing Joseph Schroeder, who is now president/CEO of the $483 million Ventura County Credit Union.
Abrams, an industry veteran who left his long-tenured position as president/CEO of Vista Federal Credit Union to form his own consulting firm six years ago, said he was interested in the permanent job. He said he did not know if the San Diego Metro board was considering other candidates.
Like many credit unions in the Golden State, San Diego Metro did not have a profitable 2009. The $290 million San Diego Metro closed out last year with a $7.7 million loss, nearly $2 million of which was attributable to NCUSIF stabilization. It also reported a negative 2.71% ROA. However, the credit union remains adequately capitalized, claiming 6.51% net worth at year-end, down from a peak of 7.86% on June 30, but still higher than the year-end 2007 figure of 6.31%.
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