BAKERSFIELD, Calif. – Kern Schools FCU, which is reporting growing losses on its mortgages, said yesterday it has hired Steven Renock, the former president of CUNA Mutual Mortgage, as president and CEO of the $1.8 billion credit union.
Renock, who has worked in credit unions for 29 years, will succeed Vincent Rojas, who has headed Kern Schools since 1989.
Kern Schools is one of a growing number of large credit unions that have encountered financial problems during the current economic downturn, reporting a $24.3 million loss for 2008 and a $30.9 million loss for the first six months of 2009. It reported 5.05% net worth at mid-year, making it undercapitalized under NCUA’s minimal capital rules known as Prompt Corrective Action.
Renock worked for the past six years for SchoolsFirst FCU (formally Orange County Teachers FCU) as executive vice president of lending and instrumental in the creation of a wholly owned mortgage CUSO, known as OCTFCU Mortgage Co. LLC, where he served as president. He has also worked for Shearson Lehman Mortgage Corporation and Hinton Mortgage Investment Company, and currently he serves on the Board for Prime Alliance Servicing, Inc.
