Lester Warby, CEO of Baltimore Washington Federal Credit Union, is set to leave that institution to take over as CEO of South Texas Area Resources CU in Corpus Christi, Texas.
Warby took the helm at the $9.9 million-asset Baltimore Washington in June 2016 after serving as
Warby told CU Journal Baltimore Washington FCU had slightly more than $8 million in assets and posted negative net income each year from 2010 to 2016 until he arrived in June of that year.
“By December 2016, BWFCU posted positive net income and has continued to do so every month since,” he said. “While changing the culture, policies and member experience at BWFCU was challenging, it was an amazing and rewarding experience. We have a fantastic team that personifies credit union values and makes each work day fun and memorable.”
He called the transition to STAR CU a “new adventure,” and the Texas-based institution is markedly larger than his most recent posts, with $45 million in assets and more than 5,300 members.
Baltimore Washington FCU is currently searching for a new chief executive and advertising for the post on the Credit Union National Association’s website. The CU is said to have a new low-income designation and a pending community charter.
In its most recent NCUA call report, BWFCU reported more than $57,000 in net income during the first nine months of 2018, with a “well-capitalized” net worth ratio of 8.64 percent.
