Banker To Lead CU Convert

Register now

Insurance giant Nationwide Financial Services named Anne Arvia, president of leading community development bank ShoreBank, to be chief executive at its fledgling bank, being created out of Nationwide FCU.

Arvia, 43, will succeed John Skubik, 59, who announced his retirement as head of the bank start-up. Skubik will continue as chief operating until his retirement next year.

Until then, he will focus on building the bank's customer base beyond the 50,000 members at the credit union. The start-up bank, which only received a savings bank charter in April, is in the process of acquiring the $530-million credit union, creating the basis for Nationwide Bank.

Nationwide has agreed to pay members of the credit union a total of $79 million for their equity, with each member receiving a pro rata share based on the size of their accounts. (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

For reprint and licensing requests for this article, click here.