GOSHEN, Ind. — Interra CU, which fired its long-time CEO last spring amid boardroom intrigue, announced Wednesday that Amy Sink, chief financial officer at nearby Teachers CU, was named president and CEO of the $670 million institution, one of the biggest privately insured CUs in the nation.
Sink, who is also chairman of the board of Alloya Corporate FCU, will replace Jack Sheets, who was fired last March and is suing David Myers, chairman of the Interra board, who Sheets alleges improperly sold property to the credit union through his personal company, A Progressive Realty.
"After careful deliberation and a comprehensive search, we believe Amy's impressive experience, leadership abilities and vision will help advance the credit union's strategic goals and direction," said Myers in a statement.
Sheets worked at the one-time Farm Bureau credit union for 37 years, the last 26 as CEO, until his termination last March, which the credit union declined to confirm until May. In a suit filed in state court he alleges he was fired because of concerns he raised about the real estate sales the credit union engaged in with Myers, the new chairman.
The credit union is not named in the suit.
The suit alleges Sheets became concerned about Myers putting properties listed by his business, Myers Trust, also known as A Progressive Realty, in front of the Interra board for purchase. Eventually, Sheets claims Myers "set about to intentionally interfere with the at-will employment relationship between Jack and Credit Union, without justification, to punish Jack by harming his relationship with the Board and to effectuate his elimination," to benefit the real estate business.
Myers and his company have denied the allegations.
Sheets, according to the suit, told the board the CU was looking at expanding to additional branches in Elkhart, Nappanee and Shipshewana. Myers talked to a member of the credit union management to get a property that Myers Trust had listed on the agenda for the board to consider. Myers didn't vote on the purchase, which the board approved. The suit says Sheets was concerned that Myers didn't disclose that his company stood to earn a large commission.
The suit, filed in Elkhart Superior Court, seeks damages from Progressive Realty to compensate Sheets for loss of earnings, loss of benefits, mental pain, suffering and humiliation and emotional distress.
