The NCUA confirmed Wednesday that a retired CEO of the $956 million Advancial FCU of Dallas, Gary Jester, is serving as the interim CEO of the $333 million Chetco FCU of Brookings Harbor, Ore.
Chetco was placed into conservatorship on Friday. It lost $16 million last year after suffering large losses on its real estate portfolio and has been on the NCUA watch list.
The 32,000-member CU had a negative net income during three of the past four quarters and lost $212,215 during the second quarter. Its net worth at the end of June was 5%.
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