LAS VEGAS – Cumorah CU, saddled with growing losses, said its long-time CEO Tony Mook has resigned and been replaced by Paul Simons, a work-out specialist.
Mook has been CEO of the $160 million credit union for the past 19 years.
Cumorah, which serves the Church of Jesus Christ of Latter-day Saints, the Mormon Church, is a privately insured credit union that reported a mid-year loss of $7.3 million due to rising loan losses.
The credit union is one of several in Nevada that have been battered by the state’s real estate bust. In recent weeks two credit unions, Community One FCU in Las Vegas and Clearstar Financial CU In Reno, have failed and been taken over by out of state credit unions.
