ALBUQUERQUE — First Financial CU here has named Ron Moorehead as interim CEO, replacing Ben Heyward.
Moorehead takes the helm having served as CFO of the 57,000-member, $414 million credit union since 2009. Prior to that he spent nearly two decades as a volunteer on the credit union's supervisory committee.
"I am excited for the opportunity to continue working with a very talented team at First Financial Credit Union," Moorehead said in a statement on the CU's website. "There will be no changes in our philosophy. No changes in our culture. I am committed to ensure we continue our mission of helping our members and our communities financially."
First Financial's most recent Call Report reveals it currently has more than $317 million in loans on the books, concentrated mostly in auto lending, and that it has made more than $841,000 so far in 2013. That's a marked improvement over last year, when the CU made only $3,000 in net income.
The CU's ROAA dropped by nearly 50 percentage points between September of 2012 and 2013, falling from 0.77% last year to 0.28% this year. First Financial CU remains well capitalized with a net worth ratio of 9.13%.
