Lucy Ito, former president and chief executive of the National Association of State Credit Union Supervisors, has exited retirement to lead Orange County’s Credit Union in Santa Ana, California.
Ito, who stepped down from the helm of the trade organization in December of last year and was succeeded by Brian Knight, assumed an interim CEO role with the $2.4 billion-asset credit union on Monday. She fills in for Shruti Miyashiro, who announced her resignation from the roles effective July 21 to become CEO of the $9.9 billion-asset Digital Federal Credit Union in Marlborough, Massachusetts starting in August.
Lucy Ito, former president and chief executive of NASCUS and incoming interim president and CEO of Orange County's Credit Union.
"With over 30 years of operational and leadership experience in the industry, we are confident Lucy brings the knowledge, people-centered approach and proven track record to be an impactful interim CEO for our associates, members and communities," Gary Burton, board chair for Orange County’s, said in a press release Monday.
Prior to her work with NASCUS, Ito was the chief operations officer at the California and Nevada Credit Union Leagues and was a vice president of the World Council of Credit Unions.
The Long Island bank is the latest financial institution to use new equity to restructure its balance sheet and unload low-yielding assets. Its stock price tumbled after the shares were priced at a considerable discount.
Affirm partners with Sixth Street to sell its buy now/pay later loans to the investment firm; Associated Banc-Corp promotes Steven Zandpour to deputy head of consumer and business banking; Visa Direct speeds up its money transfers; and more in this week's banking news roundup.
Banks will feel the fallout from a court's decision to strike down a Nasdaq rule that would have mandated more disclosure about the racial and gender composition of corporate boards.
The bank said it redeployed proceeds from the sale into high-yielding investments. It also said it would end an employee pension plan to curb expenses.
A close result was complicated by an hour-long adjournment of the New York-based company's annual meeting that angered dissident investors and left them mulling legal action.
