SAN DIEGO – North Island Financial CU, coming off its worst year ever with a $50.2 million loss, announced yesterday its long-time president Michael Maslak has retired.
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Geri Dillingham, chief operating officer, and CFO Kim Reedy will serve as interim co-CEOs until the position is filled on a permanent basis.
Maslak headed the credit union for 21 years, building it into the state’s 15th largest credit union.
The $1.6 billion credit union set aside another $31 million in loan loss reserves in the fourth quarter, creating a $32.5 million fourth quarter loss. Jack Lewis, chairman of the North Island board, told The Credit Union Journal last week the credit union’s losses were caused by the continuation of the region’s real estate problems.
