CINCINNATI – Emery FCU said its Emery Financial Services CUSO has contracted to manage nearby Presidents FCU, a troubled $12-million credit union it has long partnered with.
John Neyer, the chairman of the board of Cleves-based Presidents, which has reported losses four years in a row, said it had difficulty finding a new CEO when its former chief left in August. “The right candidate eluded us, so our options were either to merge with another credit union or enter into a management agreement,” he said.
Under the contract, Presidents FCU’s four employees will remain in their current positions with all additional staffing, IT and back office support provided by Emery Financial Services. Presidents FCU has already received significant assistance with its financial reporting, compliance requirements, data processing and lending services from Emery Financial Services.
The two Cincinnati-based financial institutions have had a shared branching agreement in place for more than five years, which enables Emery members and Presidents members to conduct transactions at the offices of either credit union.
Emery has $144 million in assets and more than 13,500 members.
