CU Convert To-Be NowHeadless

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TALLAHASSEE, Fla. - (03/11/05) -- Sunshine State CU will be movingforward with its plans to convert to a bank without CEO MarkLeCain, who departed the credit union on Wednesday. "With theupcoming conversion and our plans to become a bank, the boarddecided we needed a shift in leadership," said Michelle Clarke, VPof the $170-million credit union. "This was a board decision. Itwas not a part of the plan when we began [the conversion] process."LeCain was reported to have been a driving force behind theconversion, which was approved the CU's membership with 62% ofthose members who voted favoring the conversion. Fewer than 20% ofthe SSCU's total membership voted. Clarke told The Credit UnionJournal that conversion plans continue to progress, adding "we'rejust waiting for final regulatory approval, and we've been workingvery closely with OTS and FDIC. In fact, the OTS is coming foranother check over very soon." Brian Baggett, Sunshine's EVP hasstepped in as acting CEO.

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