Paul Cook Leaves CEO Post at CoastHills Federal Credit Union
James Ledford assumes the leadership helm while the board launches a search for a new CEO.
Paul Cook, who became president/CEO of CoastHills Federal Credit Union in Santa Maria, Calif., following the turbulent termination of ex-CEO Jeff York in 2018, has left his position.
“Paul Cook is no longer employed with CoastHills effective Tuesday, September 17, 2024,” a CoastHills spokesperson wrote in an email. “For privacy purposes the credit union is unable to comment on the status or reason for any employee’s end of employment.”
When reached by CU Times Friday, Cook stated: “I’m grateful for the opportunity to have led CoastHills Credit Union and for the trust placed in me by the board, team and members. Together, we achieved significant milestones, including transitioning to a multiple common bond federal charter and securing Community Development Financial Institution Certification, which greatly benefited our member-owners. I wish the organization continued success in serving the community. I look forward to new opportunities where I can bring my leadership and experience to further support the credit union industry and its goals.”
The CoastHills spokesperson said the board of directors will immediately begin a thorough process to recruit and select a new president/CEO. During the selection process, EVP/Chief Experience Officer James Ledford has assumed the duties and responsibilities of leading CoastHills and working directly with the board of directors.
The board fired York six years ago after an internal investigation into an alleged complaint of “inappropriate management behavior.”
York reportedly claimed that he never saw the complaint or what it alleged.
During Cook’s CEO tenure, CoastHills’ loans grew from $1 billion to $1.2 billion, while assets increased from $1.1 billion to $1.8 billion and membership expanded from 67,959 to 78,100, according to NCUA Call Reports.
During 2023, however, the credit union’s loans and assets began to slip slightly. From Q1 to Q4, loans edged downward from $1.3 billion to $1.2 billion, while assets fell from $1.8 billion to $1.7 billion.
At the end of Q1 and Q2 of this year, loans and assets held steady at $1.2 billion and $1.8 billion, respectively, but the credit union posted losses of $1,352,747 and $602,975, respectively, according to NCUA financial performance reports.