Oregon's ailing Chetco Federal Credit Union has hired Diane Johnson as its new CEO.
The $317 million Chetco, which lost $16.9 million last year and had net worth just above 5.18% in March, said Johnson will help restore financial health for the Brookings Harbor CU, located at the tip of Oregon's southwest coast next to the California line.
"We're glad to have Diane Johnson as our CEO. and we see a positive future," declared James Nelson, Chetco chairman.
Johnson, a credit union consultant, is the wife of Tom Glatt Sr., the California consultant and former head of REALTORS FCU in Washington.
The CU's problems, said Nelson, follow an industry pattern with rising delinquencies in a sour economy as losses covered several areas including real estate and business loans.
In a statement, Chetco said that as CEO, Johnson succeeded the retiring Stanley Baron, who served at the Chetco helm since 2000. Executive Vice President/General Counsel Peter Spratt had been named interim CEO in May prior to Johnson's appointment.
In dealing with Chetco's financial problems, Nelson said his CU had been asked by examiners to adjust its loan-loss allowances for last year, which figured in a $16 million write down. Its first- quarter delinquency ratio stood at 11.77% above the 1.48% peer and it had $8 million in foreclosures.
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