Management Upheaval Forces Pause In CUConversion

TALLAHASSEE, Fla. - (03/15/05) -- Sunshine State CU has withdrawn itsapplication with federal regulators to convert to a bank while itlooks for a new CEO, but representatives said the $170-millioncredit union is still committed to the charter switch. "This isjust a procedural step. We made this choice so that we could takethe time to get the right people in place, to get our managementteam in place," Michelle Clarke, a vice president with SunshineState CU, told The Credit Union Journal, of last week's suddenretirement of CEO Mark LeCain, after 14 years at the helm. "In noway are we stopping our conversion. We are entirely committed toconverting to a mutual bank as quickly and efficiently aspossible." But getting a new CEO isn't the only barrier to theprocess: hiring a new chief lending officer is also going to be keyto the credit union's timing of resubmitting its conversionapplication. Clarke said the credit union's lending officer leftthe some time ago and the would-be bank wants to have that part ofits management team in place prior to conversion aswell.