The $2 billion Coastal Federal Credit Union said Wednesday that President/CEO Larry Wilson will retire at the end of June after 38 years at the helm.
He will be succeeded by Chuck Purvis, currently executive vice president/chief operating officer, on July 1, the Raleigh, N.C., credit union said.
Wilson joined the former IBM Raleigh Employees FCU as general manager in 1974, when it had three employees, $3.5 million in assets and 3,900 members.
Coastal FCU now has more than 190,000 members and 400 employees and has a record of innovation that includes launching online banking in 1996 and more recently, seven-day-a-week banking through centralized tellers using a video banking system the credit union helped develop, its board said.
The $2 billion credit union had experienced high delinquencies during the economic crisis but they were steadily trending downward over the last five quarters. At yearend 2010, delinquencies hit 6.27% but by yearend 2011 they declined to 3.86%, according to NCUA's financial performance report. Real estate loans and indirect loans were the main problems. Participation loan delinquencies were also climbing. However, net worth was 9.03% and increasing and ROA was 1.24%.
"I'm honored to have had the opportunity to work with Larry over the past 38 years," said Richard Bloom, Coastal's chairman. "His contributions to Coastal and to the industry can't be quantified. He is, and forever will be, an icon in the credit union movement."
Wilson has served in a number of leadership positions with CUNA Mutual, Federal Reserve, Fannie Mae, Credit Union Direct Corp., CUNA and NAFCU and with First Carolina and LICU corporate credit unions.
"Larry's career has been long and fruitful. While I'm sorry to see him retire, I certainly wish him well," Bloom said. "Looking forward, I speak for the entire board in putting my faith and confidence in Chuck Purvis' leadership as our incoming president and CEO."
Purvis joined Coastal FU in 2001. Wilson will continue to advise Purvis and Coastal's board of directors through the remainder of 2012, the credit union said.
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