YUMA, Ariz. – AEA FCU, which reported big losses the last two years, on Friday said its president Ken Bredemeyer is retiring and will be succeeded on an interim basis by Denise Sweet-McGregor, a long-time executive vice president.
Processing Content
The $370 million credit union had a loss of $25.9 million for 2009 and had net worth of less than 3% at year end.
Bredemeyer has been with the credit union for 31 years and is a director of the Arizona CU League.
The troubled credit union said it has suffered problem loans for months “in a down economy” as it grapples with “deeply depressed conditions” linked to a large migrant population with 20-25% unemployment.
