KANSAS CITY, Mo. – Community America CU, which last year had its worst year ever, yesterday announced the departure of Mike Patrick, its chief operating officer.
The $1.7-billion credit union reported some of the industry’s biggest losses for 2007, including a fourth quarter loss of $9.9 million and a fiscal year loss of $6.8 million. Most of the losses were attributable to the addition of more than $6 million to provision for loan losses.
Dennis Pierce, president and CEO of CommunityAmerica, is expected to stay on as president and CEO of the state’s largest credit union.
Patrick, 57, will end his day-to-day responsibilities in April, and will officially retire this summer, the credit union said.
Patrick has run the daily operations of the credit union since 1998, when a credit union he ran merged into Members America CU to form CommunityAmerica.A clarification on this item subsequently ran noting that the retirement of Michael Patrick from CommunityAmerica Credit Union is not tied to losses the credit union posted on its most recent 5300 report.?Mr. Patrick indicated his retirement plans at the time he signed an employment contract in November 2006. The credit union also issued a statement that losses reported for 2007 reflect expenses associated with a merger with Midwest United CU; payment of a $6 million participation dividend to members of Midwest United Credit Union as a consideration for the merger, and a $500,000 dividend to CommunityAmerica Credit Union members as a year-end bonus dividend for a total of $6.5 million paid to members, and an increase in its allowance for loan losses.
