Ken McCarthy

Sandia Area Federal Credit Union in Albuquerque has named Kevin Todd as its next CEO. He will replace Paula Peknik, who will retire after a 38-year career with the $1.1 billion-asset credit union.

The institution took the lead spot in American Banker's annual ranking of Best Credit Unions to Work For in part by giving employees freedom and flexibility in how they do their jobs.

Gulf Winds Credit Union in Pensacola has hired Daniel Souers as its next president and CEO, effective Oct. 1. He will succeed Chris Rutledge, who is retiring.

SRP Federal Credit Union in North Augusta named Eric Jenkins as the organization's next leader, effective Sept. 1. He will succeed current interim president Woody Shuler, who has led the $1.7 billion-asset credit union since November, 2020.

At least two credit unions — Wright-Patt Credit Union in Ohio and Weokie Federal Credit Union in Oklahoma — have recently handed out bonuses to help employees meet rising expenses.

Credit unions in Georgia, Virginia and Mississippi plan to combine, creating an institution with $216 million of assets.

Barstow Community Credit Union, which is merging with the much larger Frontwave, has seen a string of losses in recent years.

Kathleen Orovitz will be the Rhode Island credit Union's next president and chief executive, succeeding Gary Furtado, who announced his retirement in June.

The state's lottery program has begun referring the 30,000 people a year who buy winning tickets to credit unions for financial advice.

Todd Cover, the longtime president and CEO of USSCO Federal Credit Union in Pennsylvania, has joined InFirst Bank as vice president of business development.

The deal has received regulatory approval but is awaiting a vote by East Allen members, the organizations said.

Brad Warner will retire as president and CEO of the Chambersburg, Pennsylvania, credit union in early 2023. Patriot has formed a committee and hired Modern Executive Solutions to conduct the search for Warner's successor.

Rising costs and other factors are leading more consumers to borrow money, pitting banks against credit unions and fintechs for this business.

Area Federal Credit Union in Aberdeen, South Dakota, has named Stephen Streirer as its new president and CEO. He replaces Robert Goscicki, who resigned last month.

The Sunshine State has been a hot spot for transactions involving credit unions buying community banks in recent years, and Harvesters Credit Union is furthering this trend with a deal for First National Bank Northwest Florida.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

Previously, many credit union CEOs were hired because they worked for the institution’s sponsor. Today the industry has become far more complex, and boards find they have to pay up to recruit candidates who can meet these demands.

In the prohibition order, the National Credit Union Administration said the employee allowed a member to overdraft an account by more than $74,000.

The Texas-based institution named Robert Hernandez as its next president and CEO. He replaces James Poplin, who announced his retirement earlier this year.

Somerset Savings Bank will convert to a stock-owned bank before merging with Regal Bancorp, the holding company for the $545 million-asset Regal Bank, also in New Jersey.