LENEXA, Kan. – U.S. Central FCU, pressured by its members to make management changes after a huge $1.2 billion fourth quarter loss, announced today it has terminated long-time director of asset/liability management David Dickens.
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The moves comes a week after NCUA announced it was infusing $1 billion into the central bank for credit unions because of a $1 billion loss for 2008.
The realized losses come as U.S. Central has built up $10 billion of unrealized losses on its investment portfolio.
Francis Lee, president of the $35 billion corporate credit union, said he will be personally leading a staff of eight to manage U.S. Central’s day-to-day portfolio needs.
