SAN FRANCISCO — SF Police Credit Union made it official for Eddie Young last week, announcing he is the new head of the $730 million institution. Young had been serving as acting president and CEO since September 2013.
Michael Sordelli, the previous president/CEO, left the credit union late last year. A spokesperson for SF Police CU told Credit Union Journal the board began a search for the best candidate at that time, and had "no doubt that Eddie was the right fit for the position after that search."
Young had worked as chief financial officer for SFPCU for the last 6 years. "While the credit union remains financially strong and well capitalized, the board of directors decided to make changes to actively prepare for the future of the credit union," the spokesperson said.
Young has held leadership positions in the financial industry for more than 26 years. He graduated from San Francisco State University with a degree in business administration.
"During this time of transformation, we are delighted to have Eddie bring his broad credit union expertise and insight to SFPCU," Glenn Sylvester, chair of SFPCU's board of directors, said in a statement. "There is no better person to lead SFPCU; he is a versatile, accomplished leader and a proven innovator. We have the highest degree of confidence that his leadership will guide SFPCU in this new chapter of growth and innovation."
"I am honored to have been chosen by the board to lead SFPCU into the next exciting era of the credit union," Young said. "I look forward to working with our executive team and staff in driving growth and change."
SFPCU was chartered in 1953. It exclusively serves first responders and their families.
In its most recent call report, SFPCU had $4.7 million in net income for 2013, after assessments. Its net worth ratio was 14.24% ("well capitalized").
